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Confidence interval for average annual for retail sales

Assume the population standard deviation is 3.8 thousand dollars.
4.4 6.5 4.2 8.9 8.7 8.1 6.1 6.0 2.6 2.9 8.1 -1.9
11.9 8.2 6.4 4.7 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 15.0 4.1 3.7 5.1 4.2
a) Verify that for the data, x(x bar)=5.1, find 80% confidence interval for u(mu), the average annual for retail sales.

b) Suppose the annual profit per employee is less than 3 thousand per employee. would this be low compared to other stores, explain by referring to the confidence interval that was computed in part a.

c) Suppose the annual profit is more then 6.5 thousand per employee. would you feel better as a manager? explain by referring to the confidence interval you computed in part a.

Solution Summary

Confidence interval for average annual for retail sales is discussed.

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