The branch manager of a nationwide bookstore chain wants
The branch manager of a nationwide bookstore chain wants to study characteristics of her store s customers. She decides to focus on two variables: the amount of money spent by customers and whether the customers would consider purchasing educational DVDs relating to graduate preparation exams, such as the GMAT, GRE, or LSAT. The results from a sample of 70 customers are as follows:
a. Construct a 95% confidence interval estimate of the population mean amount spent in the bookstore. b. Construct a 90% confidence interval estimate of the population proportion of customers who would consider purchasing educational DVDs.
Assume that the branch manager of another store in the chain wants to conduct a similar survey in his store. Answer the following questions:
c. What sample size is needed to have 95% confidence of estimating the population mean amount spent in his store to within ±$2 if the standard deviation is assumed to be $10?
d. What sample size is needed to have 90% confidence of estimating the population proportion who would consider purchasing the educational DVDs to within ±0.04?
e. Based on your answers to (c) and (d), how large a sample should the manager take?
Â
Â
Answers
Status NEW
Posted 05 May 2017 01:05 PM
My Price 8.00
-----------
Attachments
file 1493990236-Answer.docx preview (236 words )
T-----------he -----------bra-----------nch----------- ma-----------nag-----------er -----------of -----------a n-----------ati-----------onw-----------ide----------- bo-----------oks-----------tor-----------e c-----------hai-----------n w-----------ant-----------s t-----------o s-----------tud-----------y c-----------har-----------act-----------eri-----------sti-----------cs -----------of -----------her----------- st-----------ore----------- s -----------cus-----------tom-----------ers-----------. S-----------he -----------dec-----------ide-----------s t-----------o f-----------ocu-----------s o-----------n t-----------wo -----------var-----------iab-----------les-----------: t-----------he -----------amo-----------unt----------- of----------- mo-----------ney----------- sp-----------ent----------- by----------- cu-----------sto-----------mer-----------s a-----------nd -----------whe-----------the-----------r t-----------he -----------cus-----------tom-----------ers----------- wo-----------uld----------- co-----------nsi-----------der----------- pu-----------rch-----------asi-----------ng -----------edu-----------cat-----------ion-----------al -----------DVD-----------s r-----------ela-----------tin-----------g t-----------o g-----------rad-----------uat-----------e p-----------rep-----------ara-----------tio-----------n e-----------xam-----------s, -----------suc-----------h a-----------s t-----------he -----------GMA-----------T, -----------GRE-----------, o-----------r L-----------SAT-----------. T-----------he -----------res-----------ult-----------s f-----------rom----------- a -----------sam-----------ple----------- of----------- 70----------- cu-----------sto-----------mer-----------s a-----------re -----------as -----------fol-----------low-----------s: ----------- -----------a. -----------Con-----------str-----------uct----------- a -----------95%----------- co-----------nfi-----------den-----------ce -----------int-----------erv-----------al -----------est-----------ima-----------te
Not Rated(0)