BASIC BUSINESS STATISTICS-STUD.SOLN.MAN
BASIC BUSINESS STATISTICS-STUD.SOLN.MAN
14th Edition
ISBN: 9780134685045
Author: BERENSON
Publisher: PEARSON
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Chapter 8, Problem 61PS

The branch manager of an outlet (Store 1) of a nationwide chain of pet supply stores wants to study characteristics of her customers. In particular, she decides to focus on two variables: the amount of money spent by customers and whether the customer own only one dog, only one cat, or more than one dog and/or cat. The results from a sample of 70 customers are as follows:

• Amount of money spent: X ¯ = $ 21.34 , S = $ 9.22.

• Thirty-seven customers own only a dog.

• Twenty-six customer own only a cat.

• Seven customers own more than one dog and/or cat.

a. Construct a 95 % confidence interval estimate for the population mean amount spent in the supply store.

b. Construct a 90 % confidence interval estimate for the population proportion of customers who own only a cat.

The branch manager of another outlet (Store 2) wishes to conduct a similar survey in this store. The manager does not have access to the information generated by the manager of Store 1. Answer the following questions:

a. What sample size is needed to have 95 % confidence of estimating the population mean spent in this store to within ± $ 1.50 if the standard deviation is estimated to be $ 10 ?

b. How many customer need to be selected to have 90 % confidence of estimating the population proportion of customer who own only a cat to within ± 0.045 ?

c. Based on your answer to (c) and (d), how large a sample should the manager take?

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Chapter 8 Solutions

BASIC BUSINESS STATISTICS-STUD.SOLN.MAN

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