Daily gross sales (in thousands of dollars) were recorded for a sample of 20 small businesses in the New York metropolitan area in March 2009, yielding a mean of 283.2 with a standard deviation of 118.023. Suppose the daily gross sales for all small businesses follow a normal distribution. (A) Find a 95% confidence interval for the true mean daily gross sales for all small businesses. (B) Interpret the confidence interval in the context of the problem. What does "95%" mean? (C) What is the margin of error of the interval?
Daily gross sales (in thousands of dollars) were recorded for a sample of 20 small businesses in the New York metropolitan area in March 2009, yielding a mean of 283.2 with a standard deviation of 118.023. Suppose the daily gross sales for all small businesses follow a normal distribution. (A) Find a 95% confidence interval for the true mean daily gross sales for all small businesses. (B) Interpret the confidence interval in the context of the problem. What does "95%" mean? (C) What is the margin of error of the 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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