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(Solved): You collected 18 prices for a textbook (assume that the prices are normallydistributed) from various ...



You collected 18 prices for a textbook (assume that the prices are normallydistributed) from various websites and found the mean price to be $214 andsample standard deviation = $26.10. Based on a 90% confidence interval forthe population mean, could you can you say that the $195 you paid for a goodcopy of the book was about the average cost of the textbook or a bargain?


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First, we have to compute the 90% confidence interval for the population mean. The formula for the c...
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