A toothbrush company sells a particular model of toothbrush nationally. The company is interested in knowing the
Question:
A toothbrush company sells a particular model of toothbrush nationally. The company is interested in knowing the average retail price across the country. A researcher employed by the company randomly selects 25 retailers from a database that contains all the retailers that sell this particular toothbrush. The price each retailer sells the toothbrush for is recorded. The toothbrush company believes the population standard deviation in price for this toothbrush can be taken as 25 cents based on previous investigations. Using the following price data (in dollars), determine a point estimate for the national retail price of this particular toothbrush and then construct a 95% confidence interval to estimate this price.
Step by Step Answer:
Business Analytics And Statistics
ISBN: 9780730363330
1st Edition
Authors: Ken Black, John Asafu Adjaye, Paul Burke, Nelson Perera, Carl Sherwood, Saleh A. Wasimi