Meal prices at The Finer Diner are normally distributed with an average price of $8.50 and a standard deviation of $0.75. Find the probability that a) a meal chosen at random is priced above $11.00 b) a meal chosen at random is priced below $6.00. On Tuesday nights when Surf and Turf is offered as the nightly special, the average meal price jumps to $9.50. Considering that the standard deviation remains the same, calculate the probabilities above with this new average price.
A local consultant randomly selects a sample of 36 meals whose mean price is determined to be $8.75. Assuming that ? = $0.75, calculate a 95% confidence interval for the population mean price.
Format your data in a Microsoft® Excel® spreadsheet. Need some advice and guidance on setting this up in excel. Currently working on trying to figure out the formulas and how to arrange the data. Also looking at how to set up excel to calculate the information.