A sports card company produces many cards a year both high and low end. An amateur statistician has decided to estimate the mean value of each box of cards that the company makes. He found that in a sample of 28 boxes, the average value of the cards in each box was $43.00 with a standard deviation of $8.50.
A) Should t-procedures or z-procedures be used in this setting? Why?
B) Construct a 90% confidence interval for the true mean value of a box of cards.
C) Interpret your interval in part B.
D) The store's main competitor is Rick's. The statistician now wants to evaluate whether the eman value of a box of cards form the first company is MORE than Rick's. A sample of 23 boxes of cards of Rick's company yielded an average of $37 with a standard deviation of $12.90. Use this data along with the previously given data to carry out a hypothesis test (with a significance level of 0.05)