A businesswoman is considering whether to open a coffee shop in a local shopping center. Before making this decision, she wants to know how much money people spend per week at coffee shops in that area. She took a random sample of 26 customers from the area who visit coffee shops and asked them to record the amount of money (in dollars) they would spend during the next week at coffee shops. At the end of the week, she obtained the following data (in dollars) from these 26 customers:17.00, 38.73, 15.30,14.44, 5.08, 63.61,10.16, 13.13, 32.15, 36.03, 16.31, 65.91, 10.30, 36.98, 3.32, 6.90, 34.54, 6.46, 36.37, 27.68, 38.55, 13.26, 9.75, 9.42, 1.26, 5.16Assume that the distribution of weekly expenditures at coffee shops by all customers who visit coffee shops in this area is approximately normal.Round your answers to cents.a. What is the point estimate of the corresponding population mean?b. Make a 99% confidence interval for the average amount of money spent per week at coffee shops by all customers who visit coffee shops in this area.
A businesswoman is considering whether to open a coffee shop in a local shopping center. Before making this decision, she wants to know how much money people spend per week at coffee shops in that area. She took a random sample of 26 customers from the area who visit coffee shops and asked them to record the amount of money (in dollars) they would spend during the next week at coffee shops. At the end of the week, she obtained the following data (in dollars) from these 26 customers:
17.00, 38.73, 15.30,14.44, 5.08, 63.61,10.16, 13.13, 32.15, 36.03, 16.31, 65.91, 10.30, 36.98, 3.32, 6.90, 34.54, 6.46, 36.37, 27.68, 38.55, 13.26, 9.75, 9.42, 1.26, 5.16
Assume that the distribution of weekly expenditures at coffee shops by all customers who visit coffee shops in this area is approximately normal.
Round your answers to cents.
a. What is the point estimate of the corresponding population mean?
b. Make a 99% confidence interval for the average amount of money spent per week at coffee shops by all customers who visit coffee shops in this area.
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