The prices (in dollars) for a particular model of digital camera with 6.0 megapixels and an optical 3X zoom lens are shown below for 10 online retailers. Estimate the true mean price for this particular model with 91% confidence. Assume the variable is normally distributed. Use a graphing calculator and round the answers to at least one decimal place. 175 238 208 241 183 215 244 237 195 190
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Step 1
We have the following data points: 175, 238, 208, 241, 183, 215, 244, 237, 195, 190. The sample mean (x̄) is calculated as: x̄ = (175 + 238 + 208 + 241 + 183 + 215 + 244 + 237 + 195 + 190) / 10 x̄ = 2126 / 10 x̄ = 212.6 The sample standard deviation (s) is Show more…
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