Question
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
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 ofxvalues has an approximately normal distribution.
93, 178, 135, 92, 75, 94, 116, 100, 85
(a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup costxand sample standard deviations. (Round your answers to four decimal places.)
x=________thousand dollars
s=_________thousand dollars
(b) Find a 90% confidence interval for the population average startup costsfor candy store franchises. (Round your answers to one decimal place.)
lower limit_____thousand dollars
upper limit_____thousand dollars
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started