Hoping to lure more shoppers downtown, a city builds a new parking garage in the central business district. The city plans to pay for the structure through parking fees. During a two- month period (44 weekdays), daily fees collected average $132, with a standard deviation of $11. What assumptions must you make in order to use these statistics for inference? Write a 95% confidence interval for the mean daily income this parking garage will generate. Interpret this confidence interval in context. Explain what "95% confidence" means in this context The consultant who advised the city on this project predicted that parking revenues would average $145 per day. Based on your confidence interval, do you think the consultant was correct? Why?

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Question
2
Hoping to lure more shoppers downtown, a city builds a new parking garage in the central
business district. The city plans to pay for the structure through parking fees. During a two-
month period (44 weekdays), daily fees collected average $132, with a standard deviation of
$11.
What assumptions must you make in order to use these statistics for inference?
Write a 95% confidence interval for the mean daily income this parking garage will generate.
Interpret this confidence interval in context.
Explain what "95% confidence" means in this context
The consultant who advised the city on this project predicted that parking revenues would
average $145 per day. Based on your confidence interval, do you think the consultant was
correct? Why?
Transcribed Image Text:Hoping to lure more shoppers downtown, a city builds a new parking garage in the central business district. The city plans to pay for the structure through parking fees. During a two- month period (44 weekdays), daily fees collected average $132, with a standard deviation of $11. What assumptions must you make in order to use these statistics for inference? Write a 95% confidence interval for the mean daily income this parking garage will generate. Interpret this confidence interval in context. Explain what "95% confidence" means in this context The consultant who advised the city on this project predicted that parking revenues would average $145 per day. Based on your confidence interval, do you think the consultant was correct? Why?
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