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 drinks combination for $1.71. The weekly sales volumes 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 presents 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, 5.75, 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 the data to construct a 90% confidence interval to estimate the population mean value. Assume the amounts spent are normally distributes.

Solution:

Price: $2.99

Solution: The downloadable solution consists of 3 pages
Deliverable: Word Document

▼

Get Solution!

I agree with the Terms & Conditions

All sales are final.