Question: In order to lure female customers a new clothing store
In order to lure female customers, a new clothing store offers free gourmet coffee and pastry to its customers. The average daily revenue over the past five-week period has been $1,080 with a standard deviation of $260. Use this sample information to construct the 95% confidence interval for the average daily revenue. The store manager believes that the coffee and pastry strategy would lead to an average daily revenue of $1,200. Use the above 95% interval to determine if the manager is wrong.
Answer to relevant QuestionsMany of today’s leading companies, including Google, Microsoft, and Facebook, are based on technologies developed within universities. Lisa Fisher is a business school professor who believes that a university’s research ...A random sample of 80 observations results in 50 successes.a. Construct the 95% confidence interval for the population proportion of successes.b. Construct the 95% confidence interval for the population proportion of ...In a CNNMoney.com poll conducted on July 13, 2010, a sample of 5,324 Americans were asked about what matters most to them in a place to live. Thirty-seven percent of the respondents felt job opportunities matter most.a. ...The lowest and highest observations in a population are 20 and 80, respectively. What is the minimum sample size n required to estimate µ with 80% confidence if the desired margin of error is E = 2.6 ? What happens to n if ...A hair salon in Cambridge, Massachusetts, reports that on seven randomly selected weekdays, the number of customers who visited the salon were 40, 30, 28, 22, 36, 16, and 50. It can be assumed that weekday customer visits ...
Post your question