Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population of x values has an approximately normal distribution. 100 177 130 97 75 94 116 100 85 LA USE SALT (a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost x and sample standard deviation s. (Round your answers to four decimal places.) x = thousand dollars S = thousand dollars (b) Find a 90% confidence interval for the population average startup costs a for candy store franchises. (Round your answers to one decimal place.) lower limit thousand dollars upper limit thousand dollars 7. [-/4.42 Points] DETAILS BBUNDERSTAT12 7.3.011.5. MY NOTES ASK YOUR TEACHER For this problem, carry at least four digits after the decimal in your calculations. Answers may vary slightly due to rounding In a random sample of 66 professional actors, it was found that 36 were extroverts. USE SALT (a) Let p represent the proportion of all actors who are extroverts. Find a point estimate for p. (Round your answer to four decimal places.) (b) Find a 95% confidence interval for p. (Round your answers to two decimal places.) lower limit upper limit Give a brief interpretation of the meaning of the confidence interval you have found. O We are 95% confident that the true proportion of actors who are extroverts falls outside this interval. We are 95% confident that the true proportion of actors who are extroverts falls within this interval. O We are 5% confident that the true proportion of actors who are extroverts falls above this interval. We are 5% confident that the true proportion of actors who are extroverts falls within this interval. (c) Do you think the conditions np > 5 and no > 5 are satisfied in this problem? Explain why this would be an important consideration. Yes, the conditions are satisfied. This is important because it allows us to say that p is approximately normal. O Yes, the conditions are satisfied. This is important because it allows us to say that p is approximately binomial. O No, the conditions are not satisfied. This is important because it allows us to say that p is approximately normal. No, the conditions are not satisfied. This is important because it allows us to say that p is approximately binomial. 8. [-/4.42 Points] DETAILS BBUNDERSTAT12 7.3.012.MI.S. MY NOTES ASK YOUR TEACHER For this problem, carry at least four digits after the decimal in your calculations. Answers may vary slightly due to rounding. In a random sample of 514 judges, it was found that 281 were introverts. LA USE SALT (a) Let p represent the proportion of all judges who are introverts. Find a point estimate for p. (Round your answer to four decimal places.) (b) Find a 99% confidence interval for p. (Round your answers to two decimal places.) lower limit upper limit Give a brief interpretation of the meaning of the confidence interval you have found. O We are 1% confident that the true proportion of judges who are introverts falls within this interval. O we are 99% confident that the true proportion of judges who are introverts falls outside this interval. O We are 99% confident that the true proportion of judges who are introverts falls within this interval. O We are 1% confident that the true proportion of judges who are introverts falls above this interval. (c) Do you think the conditions no > 5 and no > 5 are satisfied in this problem? Explain why this would be an important consideration
