1. Define index number and mention the uses of index numbers. What is the difference between wholesale price index and consumer price index? 2. What do you understand by statistical Inference? What is the use of central limit theorem in estimation and testing of hypothesis? Justify you answer with the help of real life example with solution. 3. The marketing manager of a large supermarket chain would like to determine the effect of shelf space on the sales of pet food. The given information is collected from the 12 equal sized stores: Store Shelf Space, Weekly Sales, X (Feet) Y (Hundreds of Dollars) 5 1.6 2.2 5 1.4 10 1.9 5 10 2.4 6 10 2.6 7 15 2.3 8 15 2.7 15 2.8 10 20 2.6 11 20 2.9 12 20 3.1 (a) Assuming a linear relationship between X and Y, use least square method to find the regression equation and coefficient a and bi. (b) Interpret the meaning of bi in this problem. (c) Predict the average weekly sales of pet food for stores with 8 feet of shelf space for pet food