Dining expenses. A study had been conducted on the money spent on dinner from a random sample
Question:
Dining expenses. A study had been conducted on the money spent on dinner from a random sample of 30 customers at a local restaurant, which determined an average of $4.39. The confidence interval for the mean price of dinner has a marginal error of {$2. The staff of the restaurant wrote the following conclusions. Did anyone interpret the interval correctly? Explain any misinterpretation.
a) 95% of the customers studied spent in between $2.49 and
$6.39.
b) We are 95% sure that a customer who dined in for dinner will spend between $2.49 and $6.39.
c) We are 95% sure that mean price of dinner among the customers in this study was between $2.49 and $6.39.
d) The average price of dinner of customers paid is between
$2.49 and $6.39.
e) If the money spent in dinner is collected from another restaurant, there is a 95% chance that the average price of dinner will be between $2.49 and $6.39.
Step by Step Answer:
Business Statistics
ISBN: 9781292269313
4th Global Edition
Authors: Norean Sharpe, Richard De Veaux, Paul Velleman