Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you ca
n probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population of x values has an approximately normal distribution. 96 171 128 92 75 94 116 100 85 (a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost x and sample standard deviation s. (Round your answers to one decimal place.) x = 106.3 Correct: Your answer is correct. thousand dollars s = 28.9 Correct: Your answer is correct. thousand dollars (b) Find a 90% confidence interval for the population average startup costs μ for candy store franchises. (Round your answers to one decimal place.) lower limit thousand dollars upper limit thousand dollars
You plug 4 into the line of best fit and get 6.72. This is your predicted value, but the residual is the difference between the actual value and predicted. So you subtract: 7.3-6.72=0.58.
