Question
In: Statistics and Probability
A market research firm supplies manufacturers with estimates of the retail sales of their products from...
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 16 stores this year shows mean sales of 64 units of a small appliance, with a standard deviation of 14.6 units. During the same point in time last year, an SRS of 10 stores had mean sales of 49.254 units, with standard deviation 5.4 units. An increase from 49.254 to 64 is a rise of about 23%.
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) ____- <(μ1−μ2)< _____ (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?
Solutions
orchestra answered 2 years agoRelated Solutions
A market research firm supplies manufacturers with estimates of the retail sales of their products from...
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 29 stores this year shows mean sales of
61 units of a small appliance, with a standard deviation of 6.2
units. During the same point in time last year, an SRS of 17 stores
had mean sales of 53.994 units, with standard deviation 7.7...
A market research firm supplies manufacturers with estimates of the retail sales of their products from...
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 25 stores this year shows mean sales of
83 units of a small appliance, with a standard deviation of 13.6
units. During the same point in time last year, an SRS of 14 stores
had mean sales of 68.176 units, with standard deviation 3.4...
A market research firm supplies manufacturers with estimates of the retail sales of their products from...
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
1010 stores this year shows mean sales of 8282 units of a small
appliance, with a standard deviation of 9.29.2 units. During the
same point in time last year, an SRS of 1414 stores had mean sales
of 89.8289.82 units, with standard deviation 13.413.4...
A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores.
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 29 stores this year shows mean sales of 74 units of a small appliance, with a standard deviation of 12.2 units. During the same point in time last year, an SRS of 26 stores had mean sales of 62.166 units, with standard deviation 15.2...
(1 point) A market research firm supplies manufacturers with estimates of the retail sales of their...
(1 point) 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 1414 stores this year shows
mean sales of 8383 units of a small appliance, with a standard
deviation of 7.67.6 units. During the same point in time last year,
an SRS of 2424 stores had mean sales of75.62875.628 units, with
standard deviation...
(1 point) A market research firm supplies manufacturers with estimates of the retail sales of their...
(1 point) 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 1414 stores this year shows
mean sales of 7171 units of a small appliance, with a standard
deviation of 8.28.2 units. During the same point in time last year,
an SRS of 1515 stores had mean sales of 78.62678.626 units, with
standard...
(1 point) A market research firm supplies manufacturers with estimates of the retail sales of their...
(1 point) 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 11 stores this year shows mean
sales of 58 units of a small appliance, with a standard deviation
of 7 units. During the same point in time last year, an SRS of 14
stores had mean sales of 51.21 units, with standard...
Viking InterWorks is one of many manufacturers that supplies memory products to original equipment manufacturers (OEMs)...
Viking InterWorks is one of many manufacturers that supplies
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Qddesktop = 1600 - 2Pdesktop + 0.6M (in
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The same article reported that the incomes of the desktop system’s
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Viking InterWorks is one of many manufacturers that supplies memory products to original equipment manufacturers (OEMs)...
Viking InterWorks is one of many manufacturers that supplies
memory products to original equipment manufacturers (OEMs) of
desktop systems. The CEO recently read an article in a trade
publication that reported the projected demand for desktop systems
to be:
Qddesktop = 1600 - 2Pdesktop + 0.6M (in
millions of units), where Pdesktop is the price of a
desktop system and M is consumer income.
The same article reported that the incomes of the desktop system’s
primary consumer demographic would increase...
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