Question
The data set Advertising $ (on Canvas under data files) contains the annual advertising expenditures (in millions) for a sample of companies in the automotive
The data set Advertising $ (on Canvas under data files) contains the annual advertising expenditures (in millions) for a sample of companies in the automotive sector and in the department store sector. Use this data set and Minitab to answer the following questions (assume the population is normally distributed):
a. Describe the target population(s). b. Briefly describe a possible sampling frame. c. What are the sample mean, standard deviation, median, minimum, and maximum for each sector? Use Minitab and paste only these descriptive statistics. d. Find the best point estimate of the population mean advertising spend for each sector. e. Find the best estimate of the population mean advertising spend for each sector. (Be 95% confident of the answer you give.) Use Minitab and paste your output below. f. Interpret your estimations in part e. g. Does the assumption of normality for the population appear to be justified in this case? Why or why not? Paste the graph used to answer this question. h. For your solution to part (f), do you have to assume that each population is normally distributed in order to have confidence in the confidence intervals? Why or why not? i. Is there a sampling error present? If so, why? If not, why not? j. Explain why the margins of error are different for the automotive sector compared to the department store sector in this data set. k. How can the margin of error be reduced?
Data set Advertising from Minitab below:
Automotive | Department Store |
2366 | 448 |
1573 | 472 |
3564 | 622 |
2058 | 746 |
2254 | 629 |
2014 | 669 |
2526 | 1050 |
1781 | 1513 |
1512 | 714 |
2166 | 503 |
2008 | 782 |
598 | 824 |
1798 | 901 |
2024 | 574 |
2602 | 598 |
1745 | 589 |
2531 | 597 |
1720 | 985 |
2901 | 906 |
2965 | 858 |
1805 | 803 |
1636 | 748 |
1704 | 658 |
2654 | 984 |
1796 | 756 |
1965 | 745 |
2547 | 562 |
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