As part of the recruitment of new businesses, the citys economic development department wants to estimate the
Question:
a. Construct a 99% confidence interval for the mean gross profit margin of μ of all small businesses in the city.
b. The city manager reads the report and states that the confidence interval for m constructed in part (a) is not valid because the data are obviously not normally distributed and thus the sample size is too small. Based on just knowing the mean and standard deviation of the sample of 15 businesses, do you think the city manager is valid in his conclusion about the data? Explain your answer.
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Related Book For
An Introduction To Statistical Methods And Data Analysis
ISBN: 9781305465527
7th Edition
Authors: R. Lyman Ott, Micheal T. Longnecker
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