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An owner of a novelty business operates both an online store and a retail store. The owner took a random sample of 50 sales from each store during the past year and recorded the purchase amount of each sale. Summary statistics are shown in the following table. n Online 50 Retail 50 Mean $42.80 $27.50 Standard deviation $10.50 $8.25 Assuming the conditions for inference were met, the owner calculated a 95 percent confidence interval for the difference in mean purchase amounts (online minus retail) as ($11.55, $19.05). Which of the following is an appropriate interpretation of the 95 percent confidence interval? We are 95% confident that the purchase amount from a randomly selected online store sale will be between (A) $11.55 and $19.05 greater than the purchase amount from a randomly selected retail store sale. (B) (C) (D) We are 95% confident that the sample mean purchase amount from the online store is between $11.55 and $19.05 greater than the sample mean purchase amount from the retail store for the past year. We are 95% confident that the population mean purchase amount from the online store is between $11.55 and $19.05 greater than the population mean purchase amount from the retail store for the past year. We are 95% confident that the population mean purchase amount for the past year from both stores combined is between $11.55 and $19.05. We are 95% confident that if new samples of the same size were taken from each store, the sample mean (E) purchase amount from the online store would be between $11.55 and $19.05 greater than the sample mean purchase amount from the retail store.

An owner of a novelty business operates both an online store and a retail store. The owner took a random sample of 50 sales from each store during the past year and recorded the purchase amount of each sale. Summary statistics are shown in the following table. n Online 50 Retail 50 Mean $42.80 $27.50 Standard deviation $10.50 $8.25 Assuming the conditions for inference were met, the owner calculated a 95 percent confidence interval for the difference in mean purchase amounts (online minus retail) as ($11.55, $19.05). Which of the following is an appropriate interpretation of the 95 percent confidence interval? We are 95% confident that the purchase amount from a randomly selected online store sale will be between (A) $11.55 and $19.05 greater than the purchase amount from a randomly selected retail store sale. (B) (C) (D) We are 95% confident that the sample mean purchase amount from the online store is between $11.55 and $19.05 greater than the sample mean purchase amount from the retail store for the past year. We are 95% confident that the population mean purchase amount from the online store is between $11.55 and $19.05 greater than the population mean purchase amount from the retail store for the past year. We are 95% confident that the population mean purchase amount for the past year from both stores combined is between $11.55 and $19.05. We are 95% confident that if new samples of the same size were taken from each store, the sample mean (E) purchase amount from the online store would be between $11.55 and $19.05 greater than the sample mean purchase amount from the retail store.

MATLAB: An Introduction with Applications
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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An owner of a novelty business operates both an online store and a retail store. The owner took a random sample of 50 sales from each store during the past year and recorded the purchase amount of each sale. Summary statistics are shown in the following table. n Online 50 Retail 50 Mean $42.80 $27.50 Standard deviation $10.50 $8.25 Assuming the conditions for inference were met, the owner calculated a 95 percent confidence interval for the difference in mean purchase amounts (online minus retail) as ($11.55, $19.05). Which of the following is an appropriate interpretation of the 95 percent confidence interval? We are 95% confident that the purchase amount from a randomly selected online store sale will be between (A) $11.55 and $19.05 greater than the purchase amount from a randomly selected retail store sale. (B) (C) (D) We are 95% confident that the sample mean purchase amount from the online store is between $11.55 and $19.05 greater than the sample mean purchase amount from the retail store for the past year. We are 95% confident that the population mean purchase amount from the online store is between $11.55 and $19.05 greater than the population mean purchase amount from the retail store for the past year. We are 95% confident that the population mean purchase amount for the past year from both stores combined is between $11.55 and $19.05. We are 95% confident that if new samples of the same size were taken from each store, the sample mean (E) purchase amount from the online store would be between $11.55 and $19.05 greater than the sample mean purchase amount from the retail store.
Transcribed Image Text:An owner of a novelty business operates both an online store and a retail store. The owner took a random sample of 50 sales from each store during the past year and recorded the purchase amount of each sale. Summary statistics are shown in the following table. n Online 50 Retail 50 Mean $42.80 $27.50 Standard deviation $10.50 $8.25 Assuming the conditions for inference were met, the owner calculated a 95 percent confidence interval for the difference in mean purchase amounts (online minus retail) as ($11.55, $19.05). Which of the following is an appropriate interpretation of the 95 percent confidence interval? We are 95% confident that the purchase amount from a randomly selected online store sale will be between (A) $11.55 and $19.05 greater than the purchase amount from a randomly selected retail store sale. (B) (C) (D) We are 95% confident that the sample mean purchase amount from the online store is between $11.55 and $19.05 greater than the sample mean purchase amount from the retail store for the past year. We are 95% confident that the population mean purchase amount from the online store is between $11.55 and $19.05 greater than the population mean purchase amount from the retail store for the past year. We are 95% confident that the population mean purchase amount for the past year from both stores combined is between $11.55 and $19.05. We are 95% confident that if new samples of the same size were taken from each store, the sample mean (E) purchase amount from the online store would be between $11.55 and $19.05 greater than the sample mean purchase amount from the retail store.
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