Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Save The accompanying data contains the monthly retail sales ($millions) of a large country's women's clothing stores for 70 months. A sample taken from

image text in transcribed

Save The accompanying data contains the monthly retail sales ($millions) of a large country's women's clothing stores for 70 months. A sample taken from this population to estimate the average sales in this time period is shown below. Complete parts a through d below. 2,845 2,934 3,126 2,931 3,082 2,488 2,691 2,460 2,967 3,161 2,443 2,506 2,788 3,102 2,407 3,004 2,664 2,341 2,495 2,622 2,512 2,801 3,051 2,862 2,487 More Info Click here to view the population data. a. Calculate the population mean. The population mean is 2746.57 million dollars. (Round to two decimal places as needed.) b. Calculate the sample mean. The sample mean is 2750.8 million dollars. (Round to two decimal places as needed.) c. How much sampling error is present in this sample? The sampling error is 4.23 million dollars. 2,332 2,604 2,721 3,025 2,607 2,407 2,443 2,622 2,434 3,141 2,594 3,173 2,525 2,750 2,801 2,341 2,648 2,964 3,082 2,952 2,525 2,529 2,566 2,788 2,423 3,126 3,026 3,161 2,827 2,666 2,492 3,004 2,512 3,041 2,906 3,148 2,967 2,748 2,873 2,488 2,500 3,051 2,514 2,862 2,931 2,977 2,495 2,372 2,934 3,126 2,829 2,520 2,615 3,102 2,506 2,407 2,487 2,568 2,516 2,460 2,845 2,461 2,975 2,948 2,981 2,770 2,992 2,664 3,179 2,691 (Round to two decimal places as needed.) d. Determine the range of possible sampling error if 25 sales figures are sampled at random from this population. The possible sampling error ranges from to million dollars. (Round to two decimal places as needed. Use ascending order.) Print Done

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

Probability and Random Processes With Applications to Signal Processing and Communications

Authors: Scott Miller, Donald Childers

2nd edition

123869811, 978-0121726515, 121726517, 978-0130200716, 978-0123869814

More Books

Students also viewed these Mathematics questions

Question

run Once uponA time in java with proper class name

Answered: 1 week ago

Question

What kind of rays are X-rays?

Answered: 1 week ago

Question

How vulnerable do you think the typical computer site is?

Answered: 1 week ago

Question

Define fault as it applies to network management.

Answered: 1 week ago