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Did you know that in 2018, 174 million Americans shopped on Black Friday and Cyber Monday (BF & CM)? Suppose you want to estimate how
Did you know that in 2018, 174 million Americans shopped on Black Friday and Cyber Monday (BF & CM)? Suppose you want to estimate how much these people spent on average on BF & CM sales. You select a random sample of 500 shoppers and calculate the sample mean and standard deviation of how much these people spent an average, to be $335 and $85 respectively.
a. Construct a 95% confidence interval to estimate how much American shoppers spent on average on BF & CM sales.
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