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?
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?
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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