Jobs and productivity! How do retail stores rate? One way toanswer this question is to examine annual profits per employee. Thefollowing data give annual profits per employee (in units of 1thousand dollars per employee) for companies in retail sales.Assume σ ≈ 4.0 thousand dollars.

3.7 6.7 3.6 8.5 7.5 5.9 8.7 6.4 2.6 2.9 8.1 −1.9 11.9 8.2 6.44.7 5.5 4.8 3.0 4.3 −6.0 1.5 2.9 4.8 −1.7 9.4 5.5 5.8 4.7 6.2 15.04.1 3.7 5.1 4.2

(a) Use a calculator or appropriate computer software to find xfor the preceding data. (Round your answer to two decimal places.)thousand dollars per employee

(b) Let us say that the preceding data are representative of theentire sector of retail sales companies. Find an 80% confidenceinterval for μ, the average annual profit per employee for retailsales. (Round your answers to two decimal places.) lower limit --thousand dollars upper limit -- thousand dollars

(c) Let us say that you are the manager of a retail store with alarge number of employees. Suppose the annual profits are less than3 thousand dollars per employee. Do you think this might be lowcompared with other retail stores? Explain by referring to theconfidence interval you computed in part

(b). Yes. This confidence interval suggests that the profits peremployee are less than those of other retail stores. No. Thisconfidence interval suggests that the profits per employee do notdiffer from those of other retail stores. Correct: Your answer iscorrect.

(d) Suppose the annual profits are more than 6.5 thousanddollars per employee. As store manager, would you feel somewhatbetter? Explain by referring to the confidence interval youcomputed in part (b). Yes. This confidence interval suggests thatthe profits per employee are greater than those of other retailstores. No. This confidence interval suggests that the profits peremployee do not differ from those of other retail stores.

(e) Find an 95% confidence interval for μ, the average annualprofit per employee for retail sales. (Round your answers to twodecimal places.) lower limit 3.75 Incorrect: Your answer isincorrect. thousand dollars upper limit 6.41 Incorrect: Your answeris incorrect. thousand dollars