Many fast-food chains offer a lower priced combinationmeal in an effort to attract budget-conscious customers. One chain
Question:
Many fast-food chains offer a lower priced combinationmeal in an effort to attract budget-conscious customers. One chain tested a burger, chips and drink combination for $6.95. The weekly sales volume for these meals was impressive. Suppose the chain wants to estimate the average amount its customers spent (in dollars) on a meal at its restaurant while this combination offer was in effect. An analyst gathers data from 28 randomly selected customers. The following data represent the sample meal totals in dollars. Use these data to construct a 90% confidence interval to estimate the population mean value in dollars. Assume that the amounts spent are normally distributed.
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