Stats
posted by Mike .
Recently, a price war has developed among retailers selling Brand X denim jeans. A major chain buyer wishes to estimate the mean price of these jeans during this period to compare it to the normal selling price of $20.00. A random sample of 7 major retailers produces a mean retail price of $13.50 with a standard deviation of $3.50. A 80% confidence interval for the true mean retail price of Brand X jeans during the price war is:
(10.93, 16.07)
(11.60, 15.40)
(8.46, 18.54)
(11.81, 15.19)
(10.00, 17.00)
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