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  3. suppose that randy is an analyst for the bicyling

Suppose that Randy is an analyst for the bicyling industry and wants to estimate the asking...

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Statistics

Suppose that Randy is an analyst for the bicyling industry andwants to estimate the asking price of used entry-level road bikesadvertised online in the southeastern part of the United States. Heobtains a random sample of n = 14 online advertisements ofentry-level road bikes. He determines that the mean price for these14 bikes is ¯¯¯ x = $ 714.19 and that the sample standard deviationis s = $ 184.56 . He uses this information to construct a 99%confidence interval for μ , the mean price of a used road bike.What is the lower limit of this confidence interval? Please giveyour answer to the nearest cent.

Answer & Explanation Solved by verified expert
3.9 Ratings (462 Votes)
Here we have giventhatX price of the biken Number of bikes14 sample mean of the price of bikes 71419S sample standard deviation ofprice of bikes 18456The sample is a simple    See Answer
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