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Jobs and productivity! How do retail stores rate? One way to answer this question is to examine annual profits per employee. The following data give annual profits per employee (in units of 1 thousand dollars per employee) for companies in retail sales. Assume a 3.8 thousand dollars. 4.5 6.7 3.8 8.5 7.8 5.4 8.4 6.5 2.6 2.9 8.1 -1.9 11.9 8.2 6.4 4.7 5.5 4.8 3.0 4.3 -6.0 1.5 2.9 4.8 -1.7 9.4 5.5 5.8 4.7 6.2 15.0 4.1 3.7 5.1 4.2 (a) Use a calculator or appropriate computer software to find x for the preceding data. (Round your answer to two decimal places.) thousand dollars per employee (b) Let us say that the preceding data are representative of the entire sector of retail sales companies. Find an 80% confidence interval for u, the average annual profit per employee for ret sales. (Round your answers to two decimal places.) lower limit: thousand dollars upper limit thousand dollars (c) Let us say that you are the manager of a retail store with a large number of employees. Suppose the annual profits are less than 3 thousand dollars per employee. Do you think this migh be low compared with other retail stores? Explain by referring to the confidence interval you computed in part (b). O Yes. This confidence interval suggests that the profits per employee are less than those of other retail stores. O No. This confidence interval suggests that the profits per employee do not differ from those of other retaill stores. (d) Suppose the annual profits are more than 6.5 thousand dollars per employee. As store manager, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (b). O Yes. This confidence interval suggests that the profits per employee are greater than those of other retail stores. O No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores. (Round vOur answers to two decimal places.)

Jobs and productivity! How do retail stores rate? One way to answer this question is to examine annual profits per employee. The following data give annual profits per employee (in units of 1 thousand dollars per employee) for companies in retail sales. Assume a 3.8 thousand dollars. 4.5 6.7 3.8 8.5 7.8 5.4 8.4 6.5 2.6 2.9 8.1 -1.9 11.9 8.2 6.4 4.7 5.5 4.8 3.0 4.3 -6.0 1.5 2.9 4.8 -1.7 9.4 5.5 5.8 4.7 6.2 15.0 4.1 3.7 5.1 4.2 (a) Use a calculator or appropriate computer software to find x for the preceding data. (Round your answer to two decimal places.) thousand dollars per employee (b) Let us say that the preceding data are representative of the entire sector of retail sales companies. Find an 80% confidence interval for u, the average annual profit per employee for ret sales. (Round your answers to two decimal places.) lower limit: thousand dollars upper limit thousand dollars (c) Let us say that you are the manager of a retail store with a large number of employees. Suppose the annual profits are less than 3 thousand dollars per employee. Do you think this migh be low compared with other retail stores? Explain by referring to the confidence interval you computed in part (b). O Yes. This confidence interval suggests that the profits per employee are less than those of other retail stores. O No. This confidence interval suggests that the profits per employee do not differ from those of other retaill stores. (d) Suppose the annual profits are more than 6.5 thousand dollars per employee. As store manager, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (b). O Yes. This confidence interval suggests that the profits per employee are greater than those of other retail stores. O No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores. (Round vOur answers to two decimal places.)

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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**Educational Website Content: Analyzing Retail Profits per Employee** **Introduction:** Understanding how retail stores perform can be gauged through examining annual profits per employee. The following exercise provides insight into this analysis using data and statistical methods. **Data:** The data gives annual profits per employee (in units of 1 thousand dollars) for retail companies. Assume \( \sigma = 3.8 \) thousand dollars. Profits Data: 11.9, 5.7, 8.6, 8.5, 8.4, 8.4, 5.6, 2.6, 2.9, 8.1, -1.9, 4.7, 6.2, 7.5, 6.4, 7.5, 6.5, 3.6, 2.9, 4.9, 4.8, -1.7, -9.4, 5.5, 5.8, 4.7, 6.2, 1.0, 3.1, 5.0, 2.4 **Exercise and Questions:** **(a)** Use a calculator or software to find the mean (\(\bar{x}\)) for the data. Provide the answer to two decimal places. **(b)** Assume the data represents the entire population of retail sales. Find an 80% confidence interval for \(\mu\), the average annual profit per employee. - **Lower Limit: ________** thousand dollars - **Upper Limit: ________** thousand dollars **(c)** Consider if you manage a large retail store with profits less than 3 thousand dollars per employee. Analyze whether this figure is low compared to other stores, referencing the confidence interval from part (b). - **Yes/No:** This indicates profits are less than the average of other retail stores. **(d)** Analyze if the profits being more than 6.5 thousand dollars would make you more optimistic by referencing part (b). - **Yes/No:** This indicates profits are greater than the average of other stores. **(e)** Find a 95% confidence interval for \(\mu\), the average annual profit per employee. - **Lower Limit: ________** thousand dollars - **Upper Limit: ________** thousand dollars **Conclusion:** After calculating
Transcribed Image Text:**Educational Website Content: Analyzing Retail Profits per Employee** **Introduction:** Understanding how retail stores perform can be gauged through examining annual profits per employee. The following exercise provides insight into this analysis using data and statistical methods. **Data:** The data gives annual profits per employee (in units of 1 thousand dollars) for retail companies. Assume \( \sigma = 3.8 \) thousand dollars. Profits Data: 11.9, 5.7, 8.6, 8.5, 8.4, 8.4, 5.6, 2.6, 2.9, 8.1, -1.9, 4.7, 6.2, 7.5, 6.4, 7.5, 6.5, 3.6, 2.9, 4.9, 4.8, -1.7, -9.4, 5.5, 5.8, 4.7, 6.2, 1.0, 3.1, 5.0, 2.4 **Exercise and Questions:** **(a)** Use a calculator or software to find the mean (\(\bar{x}\)) for the data. Provide the answer to two decimal places. **(b)** Assume the data represents the entire population of retail sales. Find an 80% confidence interval for \(\mu\), the average annual profit per employee. - **Lower Limit: ________** thousand dollars - **Upper Limit: ________** thousand dollars **(c)** Consider if you manage a large retail store with profits less than 3 thousand dollars per employee. Analyze whether this figure is low compared to other stores, referencing the confidence interval from part (b). - **Yes/No:** This indicates profits are less than the average of other retail stores. **(d)** Analyze if the profits being more than 6.5 thousand dollars would make you more optimistic by referencing part (b). - **Yes/No:** This indicates profits are greater than the average of other stores. **(e)** Find a 95% confidence interval for \(\mu\), the average annual profit per employee. - **Lower Limit: ________** thousand dollars - **Upper Limit: ________** thousand dollars **Conclusion:** After calculating
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