Create confidence interval for average price of tires


A consumer is considering purchasing a set of tires. She samples 30 companies and finds the average price of a set of tires is $245 with a standard deviation of $38. Construct a 95% confidence interval for the average price of the tires. How would this information help her in purchasing the tires? If she samples 50 companies, how and why does the interval change?

Request for Solution File

Ask an Expert for Answer!!
Mathematics: Create confidence interval for average price of tires
Reference No:- TGS0547224

Expected delivery within 24 Hours