# Stats

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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)

• Stats -

CI80 = mean ± 1.28(sd/√n)

CI80 = 13.50 ± 1.28(3.50/√7)

• Stats -

(11.60, 15.40)

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