Should t-procedures or z-procedures be used in this setting

Reference no: EM13636100

A sports card company produces many cards a year both high and low end. An amateur statistician has decided to estimate the mean value of each box of cards that the company makes. He found that in a sample of 28 boxes, the average value of the cards in each box was $43.00 with a standard deviation of $8.50.

A) Should t-procedures or z-procedures be used in this setting? Why?

B) Construct a 90% confidence interval for the true mean value of a box of cards.

C) Interpret your interval in part B.

D) The store's main competitor is Rick's. The statistician now wants to evaluate whether the eman value of a box of cards form the first company is MORE than Rick's. A sample of 23 boxes of cards of Rick's company yielded an average of $37 with a standard deviation of $12.90. Use this data along with the previously given data to carry out a hypothesis test (with a significance level of 0.05)

Reference no: EM13636100

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