Estimate the number of days it takes an automobile dealer to sell a Chevrolet Aveo. Sample of 50 cars had a mean time on the dealer’s lot of 54 days. Assume the population standard deviation to be 6.0 days.

A researcher wishes to estimate the number of days it takes an automobile dealer to sell a Chevrolet Aveo. Sample of 50 cars had a mean time on the dealer’s lot of 54 days. Assume the population standard deviation to be 6.0 days.

Show all steps for each part below.

a) Find the best point estimate of the population mean.

b) Find the 95% confidence interval of the population mean.