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Describe the confidence interval means

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Question: 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?

Reference no: EM131744949

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