GB Flash Memory Card After scanning the UPC code of a 4 GB flash memory card using his smartphone, Michael Sullivan received the following prices for the goods at a variety of online retailers. Treat these data as a simple random sample of all online retailers.
(a) Determine a point estimate for the population mean price of the memory card.
(b) Use the normal probability plot and boxplot shown next to assist in verifying the requirements for constructing a confidence interval for the mean price.
(c) Construct and interpret a 95% confidence interval to estimate the mean price of a 4 GB flash memory card.
(d) Construct and interpret a 99% confidence interval to estimate the mean price of a 4 GB flash memory card.
(e) What happens to the interval as the level of confidence is increased? Explain why this is a logical result.