Question: Consider the dollar value in thousands of gifts returned to

Consider the dollar value (in thousands) of gifts returned to each of your department stores after the holiday season (Table 10.7.2):
a. Compute the standard deviation.
b. Interpret the standard deviation as a measure of the variation from one store to another.
c. Compute the standard error of the average and briefly describe its meaning.
d. Find the two-sided 95% confidence interval for the mean value of returned merchandise for all downtown stores.
e. The Association of Downtown Merchants had been expecting an average value of $10,000 of returned merchandise per store, since this has been typical in the past. Test to see if this year’s average differs significantly from their expectation.

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  • CreatedNovember 11, 2015
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