Hoping to lure more shoppers downtown, a city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. During a two-month period (44 weekdays) daily fees collected averaged $126, with a standard deviation of $15.
What assumptions must you make in order to use statistics for inference?
Write a 90% confidence interval for the mean daily income this parking garage will generate.
Explain in context what this confidence interval means
Explain what 90% confidence means in this context.
The consultant who advised the city on this project predicted that parking revenues would average $130 per day. Based on your confidence level, do you think the consultant was correct? Why?