Suppose a sample of a restaurant’s sales taken from 49 business days shows average daily sales of $6,300. From past history, the restaurant knows that its population standard deviation for daily sales is about $1,400. What is the sampling distribution of the sample mean in this situation? Construct a 95% confidence interval for the restaurant’s population mean of daily sales. interpret the confidence interval that you have constructed. If the owners of the restaurant desire a smaller margin of error, what would you suggest? f the population standard deviation weren’t available, but the sample standard deviation were determined to be $1,600, then what would the 95% confidence interval be?
Suppose a sample of a restaurant’s sales taken from 49 business days shows average daily sales of $6,300. From past history, the restaurant knows that its population standard deviation for daily sales is about $1,400.
What is the sampling distribution of the sample
Construct a 95% confidence interval for the restaurant’s population mean of daily sales.
interpret the confidence interval that you have constructed.
If the owners of the restaurant desire a smaller margin of error, what would you suggest?
f the population standard deviation weren’t available, but the sample standard deviation were determined to be $1,600, then what would the 95% confidence interval be?
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