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The management team of a soccer stadium wants to estimate the average amount in Rand spent on snacks and cool drinks per spectator. It is known that amount in Rand is a normally distributed. A random sample of 40 spectators was selected and the sample mean is R37.93 and the sample standard deviation is R7.

Calculate a 95% confidence interval estimate of the actual average amount spent by a spectator and the interpret results.

Microeconomics, Economics

  • Category:- Microeconomics
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