The next day, Valentines Day, February 14th, the owner tries to improve her sales technique pushing...

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The next day, Valentines Day, February 14th, the owner tries toimprove her sales technique pushing for orders of higher amounts.Again she attempts to write down a number of random sale amounts asthe day goes on. As she is so busy she manages to record only n=14sale prices among all flower sales that day. She calculated theaverage sale price of the 14 sales as 97.71 euro and calculatedthat they varied with a standard deviation of 15.73 euro.
Estimate the value of the population mean, Âµ, the true mean saleamount of all sales on February 14, by calculating a 95% confidenceinterval. Fill in the blanks in the following:
An estimate of the population mean is:__
The standard error is .:
The distribution is (examples: normal / t12 / chisquare4 /F5,6). _
For a 95% confidence interval the distributional cut-off is (3dec places).
It is quite likely that the true mean sale amount of all saleson February 14 is between and ____ , with 95%confidence.

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3.6 Ratings (370 Votes)

Lets consider X be the sale price of the flowersGiven n14As she calculated the standard deviation from this sampleThe sample standard deviation iss1573 See Answer

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