Question
The management of a department store is interested in estimating the difference between the mean credit purchases of customers using the store's credit card versus
The management of a department store is interested in estimating the difference between the mean credit purchases of customers using the store's credit card versus those customers using a national major credit card. You are given the following information.
Store's Card | Major Credit Card | |
Sample size | 64 | 49 |
Sample mean | $140 | $125 |
Population standard deviation | $10 | $8 |
A point estimate for the difference between the mean purchases of all users of the two credit cards is?
At 95% confidence, the margin of error is?
A 95% confidence interval estimate for the difference between the average purchases of all customers using the two different credit cards is?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started