According to a survey by Runzheim er International, the average cost of a fast-f

Question

According to a survey by Runzheim er International, the average cost of a fast-food meal (quarter-pound cheese-burger. large fries, medium soft drink, excluding taxes) in Seattle is $4.82. Suppose this figure was based on a sample of 19 different establishments and the sample standard deviation was S0.37. Construct a 90% confidence interval for the population mean cost for all fast-food meals in Seattle. Assume the costs of a fast-food meal in Seattle are normally distributed. (Round your answer to 2 decimal places.)

Explanation / Answer

The estimated standard error of mean is:

Sm=root over s^2/n

=rootover 0.37^2/19

=0.08

The 90% Confidence interval is:

x bar+/-t(0.10,18)*Sm

=4.82+/-1.734*0.08

=(4.68,4.95)

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