A seller on eBay determined that to be profitable the average order would have to exceed $85. To determine whether her business would be profitable she offered the service to a random sample of 85 customers. The mean order size and standard deviation for the sample were $89.27 and $17.30, respectively. Estimate with 95% confidence the average order size for the population and interpret this interval. What would you infer about the profitability of the business?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
A seller on eBay determined that to be profitable the average order would have to
exceed $85. To determine whether her business would be profitable she offered the
service to a random sample of 85 customers. The mean order size and standard
deviation for the sample were $89.27 and $17.30, respectively. Estimate with 95%
confidence the average order size for the population and interpret this interval. What
would you infer about the profitability of the business?
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