Bf the Petall sales of their products from samples of retail stores. Marketing managers are prone to look at the estimate and ignore sampling error. An SRS of 17 stores this year shows mean sales of 57 nits of a small appliance, with a standard deviation of 11 units. During the same point in time last year, an SRS of 10 stores had mean ales of 68.99 units, with standard deviation 10 units. A decrease from 68.99 to 57 is a drop of about 21%. . Construct a 99% confidence interval estimate of the difference uj - H2, where uj is the mean of this year's sales and u2 is the mean of ast year's sales. a) -23.82 < (H1 - 42) < 0.16 b) The margin of error is 11.82

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A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores.
Marketing managers are prone to look at the estimate and ignore sampling error. An SRS of 17 stores this year shows mean sales of 57
units of a small appliance, with a standard deviation of 11 units. During the same point in time last year, an SRS of 10 stores had mean
sales of 68.99 units, with standard deviation 10 units. A decrease from 68.99 to 57 is a drop of about 21%.
1. Construct a 99% confidence interval estimate of the difference uj - u2, where uj is the mean of this year's sales and u, is the mean of
last year's sales.
(a) -23.82
< (H1- 12) < 0.16
(b) The margin of error is
11.82
Transcribed Image Text:A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores. Marketing managers are prone to look at the estimate and ignore sampling error. An SRS of 17 stores this year shows mean sales of 57 units of a small appliance, with a standard deviation of 11 units. During the same point in time last year, an SRS of 10 stores had mean sales of 68.99 units, with standard deviation 10 units. A decrease from 68.99 to 57 is a drop of about 21%. 1. Construct a 99% confidence interval estimate of the difference uj - u2, where uj is the mean of this year's sales and u, is the mean of last year's sales. (a) -23.82 < (H1- 12) < 0.16 (b) The margin of error is 11.82
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