Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population of x values has an approximately normal distribution.

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MrRoyal MrRoyal · Answer 1 · 2021-07-02T14:14:24+02:00

Answer:

[tex]\bar x = 107.11[/tex]

[tex]\sigma_x = 31.07[/tex]

Step-by-step explanation:

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Given

[tex]x: 97\ 178\ 129\ 90\ 75\ 94\ 116\ 100\ 85[/tex]

Solving (a): The sample mean

This is calculated using:

[tex]\bar x = \frac{\sum x}{n}[/tex]

So, we have:

[tex]\bar x = \frac{97+ 178+ 129+ 90+ 75+ 94+ 116+ 100+ 85}{9}[/tex]

[tex]\bar x = \frac{964}{9}[/tex]

[tex]\bar x = 107.11[/tex]

Solving (b): The sample standard deviation

This is calculated as:

[tex]\sigma_x = \sqrt{\frac{\sum(x - \bar x)^2}{n-1}}[/tex]

So, we have:

[tex]\sigma_x = \sqrt{\frac{(97 - 107.11)^2 +.............+ (85- 107.11)^2 }{9-1}}[/tex]

[tex]\sigma_x = \sqrt{\frac{7720.8889}{8}}[/tex]

[tex]\sigma_x = \sqrt{965.1111125}[/tex]

[tex]\sigma_x = 31.07[/tex]