Question

15-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.

94 175 132 97 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

_________________________________________________________________________________________________________________________________________

14-

How much does a sleeping bag cost? Let’s say you want a sleeping bag that should keep you warm in temperatures from 20°F to 45°F. A random sample of prices ($) for sleeping bags in this temperature range is given below. Assume that the population of x values has an approximately normal distribution.

35 95 40 105 105 50 30 23 100 110

105 95 105 60 110 120 95 90 60 70

(a) Use a calculator with mean and sample standard deviation keys to find the sample mean price x and sample standard deviation s. (Round your answers to two decimal places.)

x = ________ $

s = ________ $

(b) Using the given data as representative of the population of prices of all summer sleeping bags, find a 90% confidence interval for the mean price μ of all summer sleeping bags. (Round your answers to two decimal places.)

lower limit _________ $

upper limit  ________  $

______________________________________________________________________________________________________________________________________

10-

What price do farmers get for their watermelon crops? In the third week of July, a random sample of 44 farming regions gave a sample mean of x = $6.88 per 100 pounds of watermelon. Assume that σ is known to be $1.98 per 100 pounds.

(a) Find a 90% confidence interval for the population mean price (per 100 pounds) that farmers in this region get for their watermelon crop. What is the margin of error? (Round your answers to two decimal places.)

lower limit ________$

upper limit   ________ $

margin of error ________  $

(b) Find the sample size necessary for a 90% confidence level with maximal error of estimate E = 0.37 for the mean price per 100 pounds of watermelon. (Round up to the nearest whole number.)

________________ farming regions

(c) A farm brings 15 tons of watermelon to market. Find a 90% confidence interval for the population mean cash value of this crop. What is the margin of error? Hint: 1 ton is 2000 pounds. (Round your answers to two decimal places.)

lower limit _______  $

upper limit ________   $

margin of error ________   $

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"