A stationery store wants to estimate the mean retail value of greeting cards that it has in its inventory. A random sample of 100 greeting cards indicates a mean value of $3.75 and a standard deviation of $0.43. a. Assuming a normal distribution, construct a 99% confidence interval estimate of the mean value of all greeting cards in the store's inventory. b. Suppose there were 1,500 greeting cards in the store's inventory. How are the results in part (a) useful in assisting the store owner to estimate the total value of her inventory?
A stationery store wants to estimate the mean retail value of greeting cards that it has in its inventory. A random sample of 100 greeting cards indicates a mean value of $3.75 and a standard deviation of $0.43. a. Assuming a normal distribution, construct a 99% confidence interval estimate of the mean value of all greeting cards in the store's inventory. b. Suppose there were 1,500 greeting cards in the store's inventory. How are the results in part (a) useful in assisting the store owner to estimate the total value of her inventory?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
A stationery store wants to estimate the mean retail value of greeting cards that it has in its inventory. A random sample of
100 greeting cards indicates a mean value of $3.75 and a standard deviation of $0.43.
a.
|
Assuming a normal distribution, construct a
99%
confidence |
b.
|
Suppose there were
1,500
greeting cards in the store's inventory. How are the results in part (a) useful in assisting the store owner to estimate the total value of her inventory? |
a.
____≤μ≤____
(Round to two decimal places as needed.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman