Concept explainers
In Problems 13-19, assume that the population of x values has an approximately normal distribution.
Kranchi.se: Candy Store Do you want to own your own candy store?
With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express. The Fudge Company. KarmelCorn, and Rocky Mountain Chocolate Factory Startup costs (in thousands of dollars) for a random sample of candy stores are given below (Source: Entrepreneur Magazine. Vol. 23. No. 10):
9517312995759411610085
(a) Use a calculator with
(b) Find a
(c) Interpretation What does the confidence interval mean in the context of this problem?
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Understanding Basic Statistics
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