Question
In: Statistics and Probability
For many florists, the days leading up to Valentine's Day are among the busiest of the...
For many florists, the days leading up to Valentine's Day are among the busiest of the year. An owner of a florist wanted to estimate the average sale amount for all sales made on the day before Valentine's Day, February 13th. When she had time she wrote down the sale price of a transaction of fresh flowers on a sheet of paper. By 3pm she had collected n=41 sale prices of all flower sales that were made day. The variable of interest is the total euro amount of each purchase. During her quick tea-break she calculated the average sale price of the 41 sales as 76.45 euro and found that they varied with a standard deviation of 22.41 euro.
Estimate the value of the population mean, µ, the true mean sale
amount of all sales on February 13, by calculating a 95% confidence
interval. Fill in the blanks in the following:
An estimate of the population mean is _________
.
The standard error is __________
.
The distribution is ____________ (examples: normal / t12 /
chisquare4 / F5,6).
For a 95% confidence interval the distributional cut-off is __________
It is quite likely that the true mean sale amount of all sales on February 13 is between ___________ and ____________ ,with 95% confidence.
Solutions
Expert Solution
An estimate of the population mean is 76.45
The standard error is :
The distribution is t distribution with 40 degrees of freedom.
For a 95% confidence interval the distributional cut-off is 2.021
It is quite likely that the true mean sale amount of all sales on February 13 is between 69.377 and 83.523 ,with 95% confidence.
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