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

Question
26 views

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

check_circle

star
star
star
star
star
1 Rating
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...

Want to see the full answer?

See Solution

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in