You randomly sample 50 theaters in the United States. You ask those theaters how much they charge for a large popcorn, and you get a sample mean of $6. Then, you make confidence interval using this data with the lower limit at $4.50 and the upper limit at $7.50.
- Interpret the meaning of this confidence interval.
- If you only had a sample of 10 theaters instead of 50, would a confidence interval still be appropriate? Why or why not?
- Describe a scenario where you could use the confidence interval in your daily life.