Small Mean Problem. Grandfather clocks have a particular market in auctions. You are given a random sample of 25 purchases of grandfather clocks at auctions in Pennsylvania. The sample statistics are:Mean = $1,343.04Std Dev = $414.04C.V. = 30.83N = 25You are asked to create a 95% Confidence Interval around the price for this sample. What is the Lower Bound for this confidence interval? I just want the answer. Use 2 decimal places for your answer and use the proper rules of rounding.

The objective of the question is to calculate the lower bound of the 95% confidence interval for the…

Answered: Small Mean Problem. Grandfather clocks…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Small Mean Problem. Grandfather clocks have a particular market in auctions. You are given a random sample of 25 purchases of grandfather clocks at auctions in Pennsylvania. The sample statistics are:

Mean = $1,343.04
Std Dev = $414.04
C.V. = 30.83
N = 25

You are asked to create a 95% Confidence Interval around the price for this sample.

What is the Lower Bound for this confidence interval? I just want the answer. Use 2 decimal places for your answer and use the proper rules of rounding.

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