The file titled Clothing contains the monthly retail sales ($millions) of U.S. womens clothing stores for 70

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The file titled Clothing contains the monthly retail sales ($millions) of U.S. women’s clothing stores for 70 months. A sample taken from this population to estimate the average sales in this time period follows:

2,942 2,574 2,760 2,939 2,642 2,905 2,568 2,677 2,572 3,119 2,697 2,884 2,632 2,742 2,671 2,884 2,946 2,825 2,987 2,729 2,676 2,846 3,112 2,924 2,676

a. Calculate the population mean.

b. Calculate the sample mean.

c. How much sampling error is present in this sample?

d. Determine the range of possible sampling error if 25 sales figures are sampled at random from this population.

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Business Statistics

ISBN: 9781292220383

10th Global Edition

Authors: David Groebner, Patrick Shannon, Phillip Fry

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