Do you want to own your own candy store? Wow! With some interest in running your...

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Do you want to own your own candy store? Wow! With some interestin running your own business and a decent credit rating, you canprobably get a bank loan on startup costs for franchises such asCandy Express, The Fudge Company, Karmel Corn, and Rocky MountainChocolate Factory. Startup costs (in thousands of dollars) for arandom sample of candy stores are given below. Assume that thepopulation of x values has an approximately normaldistribution.
91 179 130 91 75 94 116 100 85
(a) Use a calculator with mean and sample standard deviationkeys to find the sample mean startup cost x and samplestandard deviation s. (Round your answers to one decimalplace.)
x = thousand dollars
s = thousand dollars

(b) Find a 90% confidence interval for the population averagestartup costs Î¼ for candy store franchises. (Round youranswers to one decimal place.)
lower limitÂ Â Â Â thousand dollars
upper limitÂ Â Â Â thousand dollars

Answer & Explanation Solved by verified expert

3.8 Ratings (674 Votes)

TRADITIONAL METHOD given that sample mean x 10611 standard deviation s 300768 sample size n 9 I standard error sd sqrtn where sd standard deviation n sample size standard error 300768 sqrt 9 10 II margin of error t 2 standard error where ta2 ttable See Answer

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lower limitÂ Â Â Â	thousand dollars
upper limitÂ Â Â Â	thousand dollars