Mathematics, 19.02.2021 16:50, laderickaluckey
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 customers
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 customers own only a cat.
Seven customers own more than one dog and/or cat.
Construct a 95% confidence interval estimate for the
population mean amount spent in the pet supply store.
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 his store. The manager does not have access to
the information generated by the manager of Store 1. Answer the
following questions:
c. What sample size is needed to have 95% confidence of
estimating the population mean amount spent in this store
to within { +1.50 if the standard deviation is estimated to
be $10?
d. How many customers need to be selected to have 90% confidence of estimating the population proportion of customers who own only a cat to within {0.045?
e. Based on your answers to (c) and (d), how large a sample should the manager take?
Answers: 2
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The branch manager of an outlet (Store 1) of a nationwide
chain of pet supply stores wants to study...