Question
Some fast-food chains offer a lower-priced combination meal in an effort to attract budget-conscious customers. One chain test-marketed a burger, fries, and a drink
Some fast-food chains offer a lower-priced combination meal in an effort to attract budget-conscious customers. One chain test-marketed a burger, fries, and a drink combination for $1.71. The weekly sales volume for these meals was impressive. Suppose the chain wants to estimate the average amount its customers spent on a meal at their 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. $3.21 5.40 3.50 4.39 5.60 8.65 5.02 4.20 1.25 7.64 3.28 5.57 3.26 3.80 5.46 9.87 4.67 5.86 3.73 4.08 5.47 4.49 5.19 5.82 7.62 4.83 8.42 9.10 Use these data to construct a 90% confidence interval to estimate the population mean value. Assume the amounts spent are normally distributed.
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Managerial Accounting
Authors: Charles E. Davis, Elizabeth Davis
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978-1119234173, 1119234174, 1119343615, 978-1119182078, 1119182077, 978-1119234074, 1119234077, 978-1119343615
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