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
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 of *x* values has an approximately normal
distribution.

92 | 176 | 134 | 100 | 75 | 94 | 116 | 100 | 85 |

(a) Use a calculator with mean and sample standard deviation
keys to find the sample mean startup cost *x* and sample
standard deviation *s*. (Round your answers to one decimal
place.)

x = |
thousand dollars |

s = |
thousand dollars |

(b) Find a 90% confidence interval for the population average
startup costs *μ* for candy store franchises. (Round your
answers to one decimal place.)

lower limit | thousand dollars |

upper limit | thousand dollars |

Answer #1

a)

= X / n

= 972 / 9

= **108**

S = sqrt [ X^{2} - n
^{2}
/ n-1 ]

= sqrt [ 11253

8 - 9 * 108^{2} / 8 ]

= **30.7**

b)

t critical value at 0.10 level with 8 df = 1.86

95% confidence interval for is

- t * S / sqrt(n) < < + t * S / sqrt(n)

108 - 1.86 * 30.7 / sqrt(9) < < 108 + 1.86 * 30.7 / sqrt(9)

89.0 < < 127.0

**Lower limit =89.0**

**Upper limit = 127.0**

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 of x values has an approximately normal
distribution.
Do you want...

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 of xvalues has an approximately normal
distribution.
91
177
134
91...

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 of x values has an approximately normal
distribution.
96
176
132...

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 of x values has an approximately normal distribution. 99
173 134...

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 of x values has an approximately normal
distribution.
90
170
134...

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 of x values has an approximately normal distribution.
100 175 127...

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 of x values has an approximately normal
distribution.
97
172
127...

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 of x values has an approximately normal
distribution.
90
170
126...

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 of x values has an approximately normal
distribution.
96
180
128...

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 of x values has an approximately normal
distribution.
91
179
132...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 5 minutes ago

asked 5 minutes ago

asked 13 minutes ago

asked 32 minutes ago

asked 41 minutes ago

asked 41 minutes ago

asked 55 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 2 hours ago

asked 3 hours ago

asked 3 hours ago