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A pharmaceutical company operates retail pharmacies in 10 eastern states. Recently, the company's internal audit department selected a random sample of n= 300 prescriptions issued throughout the system. The objective of the sampling was to estimate the average dollar value of all prescriptions issued by the company. The data collected were x = $14.87 and s=5.00. Complete parts a and b below.

A pharmaceutical company operates retail pharmacies in 10 eastern states. Recently, the company's internal audit department selected a random sample of n= 300 prescriptions issued throughout the system. The objective of the sampling was to estimate the average dollar value of all prescriptions issued by the company. The data collected were x = $14.87 and s=5.00. Complete parts a and b below.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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A pharmaceutical company operates retail pharmacies in 10 eastern states. Recently, the company's internal audit department selected a random sample of n= 300 prescriptions issued throughout the system. The objective of the sampling was to estimate the average dollar value of all prescriptions issued by the company. The data collected were x = $14.87 and s=5.00. Complete parts a and b below.
Transcribed Image Text:A pharmaceutical company operates retail pharmacies in 10 eastern states. Recently, the company's internal audit department selected a random sample of n= 300 prescriptions issued throughout the system. The objective of the sampling was to estimate the average dollar value of all prescriptions issued by the company. The data collected were x = $14.87 and s=5.00. Complete parts a and b below.
b. One of its retail outlets recently reported that it had monthly revenue of $7,491 from 516 prescriptions. Are such results to be expected? Should that retail outlet be audited? (Round to the nearest cent as needed.) When the population mean is at the upper limit of the 90% confidence interval computed in part a, the upper limit of the 90% confidence interval for the expected total monthly revenue for 516 prescriptions would be $15.34. When the population mean is at the lower limit of the 90% confidence interval computed in part a, the lower limit of the 90% confidence interval for the expected total monthly revenue for 516 prescriptions would be $ 14.40 ▪
Transcribed Image Text:b. One of its retail outlets recently reported that it had monthly revenue of $7,491 from 516 prescriptions. Are such results to be expected? Should that retail outlet be audited? (Round to the nearest cent as needed.) When the population mean is at the upper limit of the 90% confidence interval computed in part a, the upper limit of the 90% confidence interval for the expected total monthly revenue for 516 prescriptions would be $15.34. When the population mean is at the lower limit of the 90% confidence interval computed in part a, the lower limit of the 90% confidence interval for the expected total monthly revenue for 516 prescriptions would be $ 14.40 ▪
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