t) A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores. Marketing managers are prone to look at the estimate and ignore sampling error. An SRS of 17 stores this year shows mean sales of 70 units of a small appliance, with a standard deviation of 13.6 units. During the same point in time last year, an SRS of 22 stores had mean sales of 55.176 units, with standard deviation 5.4 units. An increase from 55.176 to 70 is a rise of about 21%. 1. Construct a 99% confidence interval estimate of the difference μ₁ - μ2, where μ₁ is the mean of this year's sales and μ₂ is the mean of last year's sales. (a) (b) The margin of error is < (μ1 − μ₂) < - OA. Yes B. No - -- 2. At a 0.01 significance level, is there sufficient evidence to show that sales this year are different from last year?
t) A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores. Marketing managers are prone to look at the estimate and ignore sampling error. An SRS of 17 stores this year shows mean sales of 70 units of a small appliance, with a standard deviation of 13.6 units. During the same point in time last year, an SRS of 22 stores had mean sales of 55.176 units, with standard deviation 5.4 units. An increase from 55.176 to 70 is a rise of about 21%. 1. Construct a 99% confidence interval estimate of the difference μ₁ - μ2, where μ₁ is the mean of this year's sales and μ₂ is the mean of last year's sales. (a) (b) The margin of error is < (μ1 − μ₂) < - OA. Yes B. No - -- 2. At a 0.01 significance level, is there sufficient evidence to show that sales this year are different from last year?
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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Question
![**Problem Statement:**
A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores. Marketing managers are prone to look at the estimate and ignore sampling error. An SRS (Simple Random Sample) of 17 stores this year shows mean sales of 70 units of a small appliance, with a standard deviation of 13.6 units. During the same point in time last year, an SRS of 22 stores had mean sales of 55.176 units, with a standard deviation of 5.4 units. An increase from 55.176 to 70 is a rise of about 21%.
1. **Construct a 99% confidence interval estimate of the difference \( \mu_1 - \mu_2 \) , where \( \mu_1 \) is the mean of this year's sales and \( \mu_2 \) is the mean of last year's sales.**
(a) \[ \_ < (\mu_1 - \mu_2) < \_ \]
(b) The margin of error is \[ \_ \] .
2. **At a 0.01 significance level, is there sufficient evidence to show that sales this year are different from last year?**
- ☐ A. Yes
- ☐ B. No](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3b02ee06-d3da-434d-a278-c5c4499b77b7%2F6d7c8ab7-9f1e-476a-b286-460e232e98bf%2Fb4ikcxo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Problem Statement:**
A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores. Marketing managers are prone to look at the estimate and ignore sampling error. An SRS (Simple Random Sample) of 17 stores this year shows mean sales of 70 units of a small appliance, with a standard deviation of 13.6 units. During the same point in time last year, an SRS of 22 stores had mean sales of 55.176 units, with a standard deviation of 5.4 units. An increase from 55.176 to 70 is a rise of about 21%.
1. **Construct a 99% confidence interval estimate of the difference \( \mu_1 - \mu_2 \) , where \( \mu_1 \) is the mean of this year's sales and \( \mu_2 \) is the mean of last year's sales.**
(a) \[ \_ < (\mu_1 - \mu_2) < \_ \]
(b) The margin of error is \[ \_ \] .
2. **At a 0.01 significance level, is there sufficient evidence to show that sales this year are different from last year?**
- ☐ A. Yes
- ☐ B. No
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