SOLUTION: Good afternoon, I need help with this problem I answered this question wrong during class. A company opening a new theater is interested in knowing the average price charge by t

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Question 871716: Good afternoon, I need help with this problem I answered this question wrong during class.
A company opening a new theater is interested in knowing the average price charge by the other movie theaters. A random sample of 100 movie theaters taken by the company showed a mean price of a movie ticket to be $6.75 with a standard deviation of of $.80
a) what is the point estimate of the mean price of movie tickets for all theaters
b) what is the margin of error associated with this estimate
c) construct a 99% confidence interval for the population mean µ
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi

a) what is the point estimate of the mean price of movie tickets for all theaters $6.75

 b) what is the margin of error associated with this estimate .8/10 =  .08

 c) construct a 99% confidence interval for the population mean µ

 ME = 2.58(.08) = .21

CI: 6.75 -.21 < u <  6.75 + .21

($6.54, $6.96)