A sample of holiday shoppers is taken randomly from a local mall. Forty-nine shoppers were selected and asked what their average spending on gifts would be during the entire holiday season. The point estimate of the population mean was calculated as $550 and the sample standard deviation was calculated as $92. Construct a 95% confidence interval of the population mean spending. Explain how the central limit theorem is used in constructing this interval.
A sample of holiday shoppers is taken randomly from a local mall. Forty-nine shoppers were selected and asked what their average spending on gifts would be during the entire holiday season. The point estimate of the population mean was calculated as $550 and the sample standard deviation was calculated as $92. Construct a 95% confidence interval of the population mean spending. Explain how the central limit theorem is used in constructing this interval.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A sample of holiday shoppers is taken randomly from a local mall. Forty-nine shoppers were selected and asked what their average spending on gifts would be during the entire holiday season. The point estimate of the population mean was calculated as $550 and the sample standard deviation was calculated as $92.
- Construct a 95% confidence interval of the population mean spending.
- Explain how the central limit theorem is used in constructing this interval.
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