Question: This table below lists a particular representative month's sales for a sample of 150 department stores. The sales are provided for three product categories: pharmacy

This table below lists a particular representative month's sales for a sample of 150 department stores. The sales are provided for three product categories: pharmacy sales, beverage sales, and toy sales.

(a)We will be trying to estimate the population mean pharmacy sales, beverage sales and toy sales for all stores. Remember we have a sample data for 150 stores in the data file. Calculate the margin of error for a 95% confidence interval for the population mean pharmacy sales, beverage sales and toy sales. Which of the three categories has the highest margin of error? What does a "high" margin of error tell you about the sales in that category? Show your solutions using the most efficient formulas in Excel, and show any manual calculations you make.

(b)Suppose we could gather more data points for Pharmacy sales from additional stores. In order to make the margin of error for Pharmacy sales as close as possible to the current margin of error for toy sales, how many additionaldata points would be required?

Assume that the mean and sample standard deviation remain the same. Round to the nearest whole number. Show your solutions using the most efficient formulas in Excel, and show any manual calculations you make.

Store No. Pharmacy ($) Beverages ($) Toys ($)
1 12509 32981 7207
2 22243 33145 2460
3 30869 45481 14755
4 44242 28013 9471
5 30332 30205 12122
6 27083 21836 15745
7 12072 16033 5656
8 43906 38365 10952
9 11468 20976 10121
10 33090 44588 7069
11 29082 31254 4539
12 35218 40866 10026
13 25229 30023 12083
14 22576 46929 9863
15 9622 33065 11732
16 1125 33719 12641
17 48652 34399 9859
18 22996 21966 7597
19 48657 34855 15831
20 34366 23556 13381
21 34407 40476 7259
22 25617 43487 18650
23 24379 34422 11584
24 20732 29657 12533
25 28089 33140 5069
26 35846 47629 12137
27 29362 26521 17310
28 23079 34836 11423
29 20005 31320 12667
30 21841 28350 4678
31 22834 31606 8007
32 31904 30417 13514
33 33923 24171 15522
34 31403 34896 13301
35 47125 39974 9669
36 21806 38365 6450
37 22689 21893 6771
38 33874 32970 8758
39 28268 27312 10143
40 37543 33705 7568
41 15934 33698 14326
42 33067 20628 11087
43 21694 35191 10058
44 27458 41680 7322
45 31028 39552 10718
46 21685 26166 5281
47 17487 33319 9982
48 27772 18168 11957
49 35505 25592 10506
50 38633 22617 7276
51 27126 22399 11280
52 43391 39791 11398
53 29325 28414 9763
54 16293 43342 7297
55 25128 41214 4141
56 27990 27754 12145
57 22584 25456 8484
58 42038 39494 8652
59 36062 29607 14814
60 25682 34058 3782
61 12884 35274 6948
62 29423 32391 6829
63 39004 19333 11042
64 18279 33983 5023
65 35377 26241 5585
66 34452 28175 9319
67 31707 42125 11567
68 42126 30997 8201
69 16506 24639 4501
70 44662 36933 12839
71 13975 37316 7254
72 37135 26362 5353
73 28086 33956 6876
74 19106 45591 12415
75 23688 31254 10586
76 29954 28281 7199
77 41280 22132 11058
78 33076 31647 10490
79 30641 31189 9652
80 44138 25681 10862
81 38514 38111 8648
82 44041 36340 8688
83 39574 32419 8130
84 21219 31176 10712
85 17974 32763 8700
86 24366 34796 8744
87 22393 31210 2460
88 36789 29834 11481
89 34002 34016 16174
90 15859 27472 10678
91 8760 30968 11598
92 35026 22102 6812
93 32662 31947 7344
94 48543 31345 16809
95 18872 26536 12999
96 16186 35116 3055
97 24341 19747 10132
98 29565 17556 8082
99 7133 43502 9514
100 39835 35995 12710
101 44301 31694 12151
102 45731 21256 9760
103 25831 33546 9215
104 34397 30612 11018
105 36792 23873 9208
106 52328 35865 11348
107 18713 21925 12053
108 17590 31898 9848
109 32380 36180 8661
110 10435 32174 9574
111 34193 50066 13722
112 37206 36204 12543
113 22640 37636 6620
114 30589 43607 13506
115 31779 25326 7806
116 51067 36627 17770
117 13698 29543 7261
118 26355 31058 10758
119 24015 36757 8498
120 24581 23489 3744
121 16857 23087 9257
122 20558 22115 13102
123 40960 28935 11267
124 29912 31516 7222
125 19371 35966 7858
126 34865 30150 7340
127 29522 35623 10337
128 14323 22734 7359
129 19568 20831 10358
130 26102 34805 5651
131 37579 34305 13267
132 3414 31921 6966
133 20472 34603 11192
134 32078 26436 2717
135 33763 30242 13833
136 25767 42300 8470
137 34135 57755 14752
138 32040 34275 12927
139 14793 35175 11512
140 13143 29886 11010
141 27952 35496 9105
142 14630 48972 6033
143 24522 37294 7975
144 22587 32623 10778
145 31651 34217 17365
146 20337 31950 13640
147 50231 26888 15293
148 26755 30253 8039
149 39807 36474 5440
150 39089 26300 5401

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