More than 10,000 customers shop at your store each day. A sample of customers (n = 20)
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More than 10,000 customers shop at your store each day. A sample of customers (n = 20) taken from the total population with a normal distribution results in an empirical variance of S2 = 102 min2 for the amount of time a customer spends in your store.
(a) Calculate the 99% confidence interval for the empirical variance.
(b) Calculate the two-sided 95% confidence interval for the average time a customer stays in your business. A sample size of n = 20 results in an average stay of 55 min.
(c) How large must the sample be so that a two-sided confidence interval of 95% of the average stay is no more than 4 min?
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Related Book For
Applied Statistics And Multivariate Data Analysis For Business And Economics
ISBN: 9783030177669
1st Edition
Authors: Thomas Cleff
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