Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you could please help me with the following question. Thank you .[-l9 Points] I DETAILS I BBRIEFSTAT58.1.020. I MY NOTES II PRACTICEANOTHER Jobs and

If you could please help me with the following question. Thank you

image text in transcribed
.[-l9 Points] I DETAILS I BBRIEFSTAT58.1.020. I MY NOTES II PRACTICEANOTHER Jobs and productivity! How do retail stores rate? One way to answer this question is to examine annual profits per employee. The following data give annual profits per employee (in units of one thousand dollars per employee) for companies in retail sales. Assume a z 3.5 thousand dollars. 4.5 6.0 3.9 8.6 8.2 5.3 8.0 5.9 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) Use a calculator or appropriate computer software to find E for the preceding data. (Round your answer to two decimal places.) S thousand dollars per employee (b) Let us say that the preceding data are representative of the entire sector of retail sales companies. Find an 800/ confidence interval for p, the average annual profit per employee for retail sales. (Round your answers to two decimal places.) lower limit 3 thousand dollars upper limit 3 thousand dollars (c) Let us say that you are the manager of a retail store with a large number of employees. Suppose the annual profits are less than 3 thousand dollars per employee. Do you think this might be low compared with other retail stores? Explain by referring to the confidence interval you computed in part (b). 0 Yes. This confidence interval suggests that the profits per employee are less than those of other retail stores. 0 No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores. (d) Suppose the annual profits are more than 6.5 thousand dollars per employee. As store manager, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (b). 0 Yes. This confidence interval suggests that the profits per employee are greater than those of other retail stores. 0 No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores. (e) Find an 95% confidence interval for p, the average annual profit per employee for retail sales. (Round your answers to two decimal places.) lower limit 3 thousand dollars upper limit 3 thousand dollars Let us say that you are the manager of a retail store with a large number of employees. Suppose the annual profits are less than 3 thousand dollars per employee. Do you think this might be low compared with other retail stores? Explain by referring to the confidence interval you computed in part (b). 0 Yes. This confidence interval suggests that the profits per employee are less than those of other retail stores. 0 No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores. Suppose the annual profits are more than 6.5 thousand dollars per employee. As store manager, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (b). 0 Yes. This confidence interval suggests that the profits per employee are greater than those of other retail stores. 0 No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Interconnection Networks

Authors: J C Bermond

1st Edition

1483295273, 9781483295275

More Books

Students also viewed these Mathematics questions