Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The first time, I got the answers wrong. Please help, thank you! According to the University of Nevada Center for Logistics Management, 6% of all

The first time, I got the answers wrong. Please help, thank you!

image text in transcribed
According to the University of Nevada Center for Logistics Management, 6% of all merchandise sold in the United States gets returned. A Houston department store sampled 80 items sold in January and found that 7 of the items were returned. (a) Construct a point estimate of the proportion of items returned for the population ofsales transactions at the Houston store. If required, round your answer to three decimal places. (b) Construct a 95% confidence interval for the porportion of returns at the Houston store. If required, round your answer to three decimal places. to (c) Is the proportion of returns at the Houston store significantly different from the returns for the nation as a whole? Provide statistical support for your answer. We fail to reject the null hypothesis. We cannot conclude that the return rate for the Houston store is different than the U.S. national return rate

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_2

Step: 3

blur-text-image_3

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

Financial Algebra advanced algebra with financial applications

Authors: Robert K. Gerver

1st edition

978-1285444857, 128544485X, 978-0357229101, 035722910X, 978-0538449670

More Books

Students also viewed these Mathematics questions