Question

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Use Price sheet to answer question. Insert a box to type any comment Ameat processing company in the Midwest produces and markets a package of eight small sausage sandwiches. The product is nationally distributed, and the company is interested in knowing the average retail price charged for this item in stores across the country. The company cannot justify a national census to generate this information Based on the company information system's list of all retailers who carry the product, a researcher for the company contacts 36 of these retailers and ascertains the selling prices for the product The data is presented in the Price sheet. Use the price data and a population standard deviation (a) of 113 to determine point estimate for the national retail price of the product Construct a 90% confidence interval to estimate this price. Round your answer to 2 decimal places. Interpret your findings HTML Editor B I VA - AI E *, EE - D V B TT 12pt - Paragraph -

Answer 1

a 1 liven that n=36; o=0.113 Rolo = 0.1 (90% confidence) Here "o" is known. So, we have to use } critical value. At x = 0. lol Zo.1 = 1.645. Here x: hatimal retail price. from the given data EX = (2.23+2:16+...+2.19+2-26) = 76.99 point Estimate (ů) = x=458x=2 hou 36 MEX= 2.1386 Standard Error () - S.E.18) = OV = 0-13 S.E.1x) = 0.0188 is F ZO., S.E.(FJ) The 90% c. I for ( 2.1386 + (.645) (0.0188)) ( 2.1386 + 0.03 09) ( 2.11, p.17) confident that, the population 9o.n Interpretation. - 76.99 A L ova 136 price for the and 2.17 retail 2.11 of is average Product the national les between