Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 10 Dec 2017 My Price 5.00

shoppers downtown,

Parking. 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.

 

a) What assumptions must you make in order to use these statistics for inference?

 

b) Write a 90% confidence interval for the mean daily income this parking garage will generate.

 

c) Explain in context what this confidence interval means.

 

d) Explain what 90% confidence means in this context.

 

e) The consultant who advised the city on this project predicted that parking revenues would average $130 per day. Based on your confidence interval, do you think the consultant was correct? Why?

 

 

 

 

 


Answers

Maurice Tutor
(5)
Status NEW Posted 10 Dec 2017 10:12 PM My Price 5.00

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