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Determining the confidence interval for means

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A packaged goods supplier designed a new package ("white") that it thought was more appealing than its old package ("blue"). It conducted a 10-week trial of the two packages in selected "matched" stores with the results shown below (sales in thousands of dollars).

Week Blue White
1 8.4 9.2
2 4.9 5.3
3 3.3 3.1
4 6.9 7.6
5 9.3 9.2
6 8.7 9.2
7 5.3 5.7
8 3.4 4.4
9 6.9 7.8
10 7.9 8.5

Question 1
The point estimate for the new "White" package is ___.

Question 2
The point estimate for the old "blue" package is ___.

Question 3
The standard deviation for the "White" package is ___.

Question 4
The standard deviation for the "Blue" package is ___

Question 5
The 95% prediction interval estimate for the new "White" package is, lower ___, and higher ___.

Question 6
The 95% prediction interval estimate for the new "Blue" package is, lower ___ , and higher ___.

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Solution Summary

This solution depicts the steps to estimate the confidence intervals in the given case.

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Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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