Question

One of the concepts your friends are trying out are gourmet Burgers. After having a large group of potential student customers sample their burgers and collecting information on how much each one was willing to pay for the meal, the summary statistics were computed as follows: n

n=85 x-bar=$8.32 s=$3.11

MAKE A 95% Confidence Interval for μ
CONDUCT a Significance Test for μ

Answer 1

Answer: Confidence interval : (7.659.8.981)

Explanation:

Since we have given that

n = 85

`\bar{x}=8.32`

s = 3.11

At 95% confidence, z = 1.96

Margin of error would be :

`ME=z(s)/(√(n))\\\\ME=1.96* (3.11)/(√(85))\\\\ME=0.661`

So, confidence interval for μ would be:

`\bar{x}\pm ME\\\\=8.32\pm 0.661\\\\=(8.32-0.661,8.32+0.661)\\\\=(7.659.8.981)`

Significance test for μ :

`H_0:\bar{x}=8.32\\\\H_1:\bar{x}\\eq 8.32`

Hence, confidence interval would be (7.659.8.981)