Answered: The Bun end-Run is a franchise…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.4: Distributions Of Data

Problem 19PFA

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Question

9-1

The Bun end-Run is a franchise fast-food restaurant located in the Northeast specializing in half-pound hamburgers, fish sandwiches, and chicken sandwiches. Soft drinks and French tres also are available. The Marketing Department of Bun-and-Run Inc reports that the distribution of daily sates for their restaurants follows the normal distribution and that the population standard deviation is $3,000. A sample of 40 franchises showed the meen daily

sales to be $20,000.

(a) What is the population mean of daily sales for Bun-and-Run franchises? (b) What is the best estimate of the population mean? What is this value called? (c) Develop a 95% confidence interval for the population mean of daily sales.

(d) interpret the confidence interval.

EXERCISES

A sample of 49 observations is taken from a normal population with

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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