Question
Hoping to lure more shoppersdowntown, a city builds a new public parking garage in the central business district. The city plans to pay for the
Hoping to lure more shoppersdowntown, a city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. For a random sample of 42 weekdays, daily fees collected averaged $130, with standard deviation of $15. Complete parts a through e below.
a) What assumptions must you make in order to use these statistics forinference?
b) Find a 90% confidence interval for the mean daily income this parking garage will generate.
c) Explain in context what this confidence interval means.
d) Explain what 90% confidence means in this context.
e) The consultant who advised the city on this project predicted that parking revenues would average $128 per day. Based on your confidenceinterval, what do you think of theconsultant's prediction?Why?
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