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Q 1

Parking Hoping to lure more shoppers downtown, a city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. During a two-month period (44 weekdays), daily fees collected averaged \$126, with a standard deviation of \$15.

a) What assumptions must you make in order to use these statistics for inference?

b) Write a 90% confidence interval for the mean daily income this parking garage will generate.

c) Interpret this confidence interval in context.

d) Explain what “90% confidence” means in this context.

e) The consultant who advised the city on this project predicted that parking revenues would average \$130 per day. Based on your confidence interval, do you think the consultant was correct? Why?