The manager of the Inlet Square Mall, just north of Ft. Meyers, Florida, wants to estimate the mean amount spent per shopping visit by customers. A sample of 20 customers reveals the following amounts spent: (Data in the excel file).
What is the best estimate of the population mean? Determine a 95 percent confidence interval. Interpret the result, would it be reasonable to conclude that the population mean is $50? What about $60?© BrainMass Inc. brainmass.com June 3, 2020, 9:15 pm ad1c9bdddf
Compute the best estimate of the population mean, compute the 95% confidence interval and test whether $50 and $60 can be the population mean.