Use the Following Information to Answer Questions (11)-(13)

question 30

Essay

Use the following information to answer questions (11)-(13). According to the website www.costofwedding.com, the
average cost of catering a wedding (with an open bar) is $100 per person. Recently, in a random sample of 40
weddings in the U. S. it was found that the average catering cost was $110, with a standard deviation of $12. On the
basis of this, a 95% confidence interval for the mean catering cost for a wedding is $106 to $114.
-A popular wedding magazine states in an article on catering costs that "There is a 95% chance that the catering cost of your wedding will be between $106 and $114 per person." Explain what is wrong with this statement and write a better statement that correctly interprets the confidence interval.

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Definitions:

Pop-up Stores

Temporary retail spaces that open for a short period of time to offer exclusive products or experiences.

Goods

Tangible items offered for sale to consumers or businesses.

Services

Intangible offerings that involve a deed, performance, or effort that cannot be physically possessed.

Ideas

Concepts, thoughts, or suggestions aimed at solving a problem, creating value, or providing insights.