Given that μ is $350 and σ is $150 calculate the z-score of 343.31 and then find the likelihood that a random sample of 2597 adult American shoppers would spend $343.31 or less on Christmas. Now assume that μ is $340 and that σ remains $150. Find the likelihood that in this case, a random sample of 2597 adult American shoppers would spend $342.31 or more on Christmas. The National Retail Federation commissioned a national survey onNovember 26-28, 2009. A random sample of American adults wereasked about their Christmas shopping behavior on Thanksgivingweekend. Among the 2597 respondents who said that they haddone some Christmas shopping that weekend, the average amountspent was reported to be $343.31.

Given: μ = $350, σ = $150, n = 2597.

Answered: Given that μ is $350 and σ is $150…

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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Given that μ is $350 and σ is $150 calculate the z-score of 343.31 and then find the likelihood that a random sample of 2597 adult American shoppers would spend $343.31 or less on Christmas.

Now assume that μ is $340 and that σ remains $150. Find the likelihood that in this case, a random sample of 2597 adult American shoppers would spend $342.31 or more on Christmas.

The National Retail Federation commissioned a national survey on
November 26-28, 2009. A random sample of American adults were
asked about their Christmas shopping behavior on Thanksgiving
weekend. Among the 2597 respondents who said that they had
done some Christmas shopping that weekend, the average amount
spent was reported to be $343.31.

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