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Mathematics, 21.04.2020 16:28 mermer11
Suppose that Randy is an analyst for the bicyling industry and wants to estimate the asking price of used entry-level road bikes advertised online in the southeastern part of the United States. He obtains a random sample of n=11 online advertisements of entry-level road bikes. He determines that the mean price for these 11 bikes is x⎯⎯⎯=$703.75 and that the sample standard deviation is s=$189.56 . He uses this information to construct a 95% confidence interval for µ , the mean price of a used road bike. What is the lower limit of this confidence interval? Please give your answer to the nearest cent.
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Suppose that Randy is an analyst for the bicyling industry and wants to estimate the asking price of...
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