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

50.1K

Verified Solution

Question

Statistics

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.

Answer & Explanation Solved by verified expert

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

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!

Become a Member

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

50.1K

Verified Solution

Question

Statistics

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Membership Benefits:

Other questions asked by students

A single serving coffee machine is programmed to dispense 12 ounces of coffee per serving...

Students at the Akademia Podlaka conducted an experiment to determine whether the Belgium-minted Euro coin was equally...

Ex. 2.40 European roulette. The game of European roulette involves spinning a wheel with 37 slots: 18...

Why does ATP yield vary in cellular respiration (think about how NADH from glycolysis enters mitochondira)?

Draw a scatter diagram and find r for the data shown in the table Round...

The table lists the smoking habits of a group of college students Regular Smoker Heavy...

Arizona Truck Company (ATC) is considering the replacement of an old truck. The old truck...

Which of the following salaries would most likely be considered a product cost?a. Factory plant...

Problem: Module 7 Textbook Problem 1 Learning Objective: 7-1 Compute net profit or loss from...

Mussatto Corporation produces snowboards. The following per unit cost information is available: direct materials $10,...

Tab Required 1 - 3 Tab2 Tab3 ...

6 Exercise 8-16 Disposal of assets LO P2 Diaz Company owns a machine that cout...