A small publisher wishes to publish self-improvement books.  After a survey of the market, the publisher finds that the mean cost of the type of book that she wishes to publish is $15.00.  If she wants to price her books to sell in the middle 34% range, what should the maximum and minimum prices of the books be?  The standard deviation is $0.25 and the self-improvement books are normally distributed.   If there are TI-83 functions I would prefer to see it answered with TI-83 and also manually.  thank you

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Asked Dec 14, 2019
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A small publisher wishes to publish self-improvement books.  After a survey of the market, the publisher finds that the mean cost of the type of book that she wishes to publish is $15.00.  If she wants to price her books to sell in the middle 34% range, what should the maximum and minimum prices of the books be?  The standard deviation is $0.25 and the self-improvement books are normally distributed.  

 

If there are TI-83 functions I would prefer to see it answered with TI-83 and also manually.  thank you

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Step 1

Consider X be a random variable which follows normal distribution indicating the price of the book. The mean is $15.00 and the standard deviation is $0.25. The sample size, n is 1.

The level of confidence is 0.34. The level of significance is 1 – confidence level = 1 – 0.34 = 0.66.

Step 2

The 34% confidence interval...

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C.I. =x±a Tn 0.25 = 15+0.66 0.25 = 15 +(0.44)- (Using standard normal table) = (14.89,15.11)

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