For many florists, the days leading up to Valentine's Day are among the busiest of the year. An owner of a florist wanted to estimate the average sale amount for all sales made on the day before Valentine's Day, February 13th. When she had time she wrote down the sale price of a transaction of fresh flowers on a sheet of paper. By 3pm she had collected n=44 sale prices of all flower sales that were made day. The variable of interest is the total euro amount of each purchase. During her quick tea-break she calculated the average sale price of the 44 sales as 80.05 euro and found that they varied with a standard deviation of 20.3 euro. Estimate the value of the population mean, µ, the true mean sale amount of all sales on February 13, by calculating a 95% confidence interval. Fill in the blanks in the following: An estimate of the population mean is . The standard error is . The distribution is (examples: normal / t12 / chisquare4 / F5,6). For a 95% confidence interval the distributional cut-off is . It is quite likely that the true mean sale amount of all sales on February 13 is between and , with 95% confidence.
For many florists, the days leading up to Valentine's Day are among the busiest of the year. An owner of a florist wanted to estimate the average sale amount for all sales made on the day before Valentine's Day, February 13th. When she had time she wrote down the sale price of a transaction of fresh flowers on a sheet of paper. By 3pm she had collected n=44 sale prices of all flower sales that were made day. The variable of interest is the total euro amount of each purchase. During her quick tea-break she calculated the average sale price of the 44 sales as 80.05 euro and found that they varied with a standard deviation of 20.3 euro. Estimate the value of the population mean, µ, the true mean sale amount of all sales on February 13, by calculating a 95% confidence interval. Fill in the blanks in the following: An estimate of the population mean is . The standard error is . The distribution is (examples: normal / t12 / chisquare4 / F5,6). For a 95% confidence interval the distributional cut-off is . It is quite likely that the true mean sale amount of all sales on February 13 is between and , with 95% confidence.
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
Related questions
Question
-
For many florists, the days leading up to Valentine's Day are among the busiest of the year. An owner of a florist wanted to estimate the average sale amount for all sales made on the day before Valentine's Day, February 13th. When she had time she wrote down the sale price of a transaction of fresh flowers on a sheet of paper. By 3pm she had collected n=44 sale prices of all flower sales that were made day. The variable of interest is the total euro amount of each purchase. During her quick tea-break she calculated the average sale price of the 44 sales as 80.05 euro and found that they varied with a standard deviation of 20.3 euro.
Estimate the value of the population mean, µ, the true mean sale amount of all sales on February 13, by calculating a 95% confidence interval. Fill in the blanks in the following:
- An estimate of the population mean is .
- The standard error is .
- The distribution is (examples: normal / t12 / chisquare4 / F5,6).
For a 95% confidence interval the distributional cut-off is .
It is quite likely that the true mean sale amount of all sales on February 13 is between and , with 95% confidence.
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 2 steps with 2 images
Recommended textbooks for you
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON