Black Friday - the annual shopping tradition the day after Thanksgiving - is often the day...

Black Friday - the annual shopping tradition the day after Thanksgiving - is often the day which puts retailers "in the black." According to a CNN Money report, consumers spent an average of $378.84 on Black Friday in 2010 with a standard deviation of $247.23. Draw and label a normal curve which would be used to describe the Black Friday expenditures. Based on the values calculated, would it be reasonable to assume the money spent is normally distributed? It is not reasonable to assume the amount of money spent by Black Friday shoppers is normally distributed. It is reasonable to assume the amount of money spent by Black Friday shoppers is normally distributed Completely describe the sampling distribution of the sample mean Black Friday expenditure when samples of size 84 are selected. Mean: μ ¯ y = Standard deviation: σ ¯ y = (round to 4 decimal places) Shape:the distribution of ¯ y is because Using the distribution described in part b, what is the probability of observing a sample mean of $454.633 or more? z = (round to 2 decimal places) probability = (include 4 decimal places) Based on the probability found, what conclusion can be reached? The probability would be classified as . So, there sufficient evidence to conclude the mean amount spent by customers on Black Friday is greater than 378.84.

Expert Solution

orchestra answered 1 year ago

"Black Friday" is the day after Thanksgiving and the traditional first day of the Christmas shopping...

"Black Friday" is the day after Thanksgiving and the traditional first day of the Christmas shopping season. Suppose a recent poll suggested that 66% of Black Friday shoppers are actually buying for themselves. A random sample of 130 Black Friday shoppers is obtained. Answer each problem using the normal approximation to the binomial distribution. (a) Find the approximate probability that fewer than 73 Black Friday shoppers are buying for themselves. (Round your answer to four decimal places.) (b) Find the...

Black Friday – the day after Thanksgiving represents one of the biggest shopping days and marks...

Black Friday – the day after Thanksgiving represents one of the biggest shopping days and marks the first official day of Christmas shopping. However, in 2018 sales on this day were 9% lower than the previous year and represent a trend in the retail market – revenues of departmental stores have either remained stagnant or declined (Macy’s stores revenues between 2008 and 2018 stayed stagnant around $26B and JC Penny actually experienced a decline during the same period from $20B...

Cyber Monday, the Monday after Black Friday in the US, is reportedly the biggest online shopping...

Cyber Monday, the Monday after Black Friday in the US, is reportedly the biggest online shopping day of the year. Do you think that an online contract should have special rules to differentiate it from a normal retail contract? What problems do you see with online contracts that would require these rules?

Researchers conducted interviews with a sample of 38 people shopping on Black Friday to gauge their...

Researchers conducted interviews with a sample of 38 people shopping on Black Friday to gauge their shopping habits. The two variables measued for each shopper were age (x) and number of years shopping on Black Friday (y). a) The researchers wonder if there is a quadratic relationship between age and the number of years shopping on Black Friday. Pick a regression model that incorporates this relationship. A. E[y] = ?0β0 + ?1?β1x B. E[y] = ?0β0 + ?1?2β1x2 C. E[y]...

4.44 Shopping on Black Friday. The International Journal of Retail and Distribution Management (Vol. 39, 2011)...

4.44 Shopping on Black Friday. The International Journal of Retail and Distribution Management (Vol. 39, 2011) published a study of shopping on Black Friday (the day after Thanksgiving). Researchers conducted interviews with a sample of 38 women shopping on Black Friday to gauge their shopping habits. Two of the variables measured for each shopper were age (x) and number of years shopping on Black Friday (y). Data on these two variables for the 38 shoppers are listed in the next...

Do shoppers at the mall spend more money on average the day after Thanksgiving compared to...

Do shoppers at the mall spend more money on average the day after Thanksgiving compared to the day after Christmas? The 47 randomly surveyed shoppers on the day after Thanksgiving spent an average of $127. Their standard deviation was $39. The 56 randomly surveyed shoppers on the day after Christmas spent an average of $104. Their standard deviation was $34. What can be concluded at the αα = 0.10 level of significance? For this study, we should use... Select an...

Do shoppers at the mall spend less money on average the day after Thanksgiving compared to...

Do shoppers at the mall spend less money on average the day after Thanksgiving compared to the day after Christmas? The 52 randomly surveyed shoppers on the day after Thanksgiving spent an average of $132. Their standard deviation was $29. The 40 randomly surveyed shoppers on the day after Christmas spent an average of $142. Their standard deviation was $34. What can be concluded at the αα = 0.10 level of significance? For this study, we should use Select an...

On the day after Thanksgiving, November 28, 2008, Walmart held a nationwide sale of a limited...

On the day after Thanksgiving, November 28, 2008, Walmart held a nationwide sale of a limited number of sharply discounted televisions, computers, and video game sets. The “blitz sale” had been advertised heavily in newspapers and on television. At the Valley Stream Wal-Mart store in Long Island, New York, 2,000 shoppers lined up hours before the scheduled 6:00 a.m. store opening, forming a line at a place marked by a handwritten sign: Blitz Line Starts Here. The crowd became unruly...

9. Abel and Baker had a tradition. Every Friday, they took turns going to the corner...

9. Abel and Baker had a tradition. Every Friday, they took turns going to the corner store and buying a “package” – some vodka and a lottery ticket – with the understanding that they’d split any winnings 50-50. One Friday, Abel bought the package, and when they scratched off the ticket it was a $20,000 winner. Abel refused to split the winnings, however, and Baker sued. Abel claimed there was no enforceable agreement because of a lack of bargained-for consideration....

do you think that Black Friday and Cyber Monday sales are a good predictor about the...

do you think that Black Friday and Cyber Monday sales are a good predictor about the health of the economy? How does this big event impact the economy?

Question