Concept explainers
In a recent sample of 84 used car sales costs, the sample
a. Which distribution should you use for this problem? Explain your choice.
b. Define the random variable X in words.
c. Construct a 95°b confidence interval for the population mean cost of a used car.
-
i. State the confidence Interval.
ii. Sketch the graph.
iii. Calculate the error bound.
d. Explain what a “95% confidence interval” means for this study.
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