Question: : Emma's On-the-Go, a large convenience store that makes a good deal of money from candy bar sales, has three possible locations in the store

: Emma's On-the-Go, a large convenience store that makes a good deal of money from candy bar sales, has three possible locations in the store for its candy bar display: in the front of the store (to attract "impulse buying" by all customers), on the left-hand side of the store (to attract teenagers who are on that side of the store looking at the soda), and in the back of the store (to attract the adults searching through the alcohol cases). The manager at Emma's experiments over the course of many months by rotating the candy bar display among the three locations, choosing a sample of 49 days at each location. Each day, the manager records the amount of money brought in from the sale of candy bars. Below are the sample mean daily sales (in dollars) for each of the locations, as well as the sample variances: Group Sample size Sample mean Sample variance Front of store 49 216.5 423.6 Left-hand side 49 211.1 551.2 Back of store 49 222.3 524.9 Send data to calculator Send data to Excel Assume that the populations of daily sales from which the above samples were drawn are approximately normally distributed and that each has the same mean and the same variance. Answer the following, carrying your intermediate computations to at least three decimal places and rounding your responses to at least one decimal place. (a)Give an estimate of this common population variance by pooling the sample variances given. (b)Give an estimate of this common population variance based on the variance of the sample means given.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!