Question
In: Statistics and Probability
Among its other features, the MyTVLab website allows customers to purchase MyTVLab LifeStyles merchandise online. To...
Among its other features, the MyTVLab website allows customers
to purchase MyTVLab LifeStyles merchandise online. To handle
payment processing, the management of MyTVLab has contracted with
the following firms:
,• PayAFriend (PAF)— This is an online payment system with which
customers and businesses such as MyTVLab register in order to
exchange payments in a secure and convenient manner, without the
need for a credit card.
,• Continental Banking Company (Conbanco) — This processing
services provider allows MyTVLab custom-ers to pay for merchandise
using nationally recognized credit cards issued by a financial
institution.
,To reduce costs, management is considering eliminating one of
these two payment systems. However, Lorraine Hildick of the sales
department suspects that customers use the two forms of payment in
unequal numbers and that customers display different buying
behaviors when using the two forms of payment. Therefore, she would
like to first determine the following:
,• The proportion of customers using PAF and the proportion of
customers using a credit card to pay for their purchases.
,• The mean purchase amount when using PAF and the mean purchase
amount when using a credit card.
,Assist Ms. Hildick by preparing an appropriate analysis. Open
Payments Sample. pdf, read Ms. Hildick’s comments, and use her
random sample of 50 transactions as the basis for your analysis.
Summarize your findings to deter-mine whether Ms. Hildick’s
conjectures about MyTVLab LifeStyle customer purchasing behaviors
are correct. If you want the sampling error to be no more than $3
when estimating the mean purchase amount, is Ms. Hildick’s sample
large enough to perform a valid analysis?
| Amount | Type |
| 27.06 | PAF |
| 46.07 | PAF |
| 34.96 | PAF |
| 26.43 | PAF |
| 25.28 | PAF |
| 18.12 | PAF |
| 22.75 | PAF |
| 21.33 | PAF |
| 26.43 | PAF |
| 77.12 | PAF |
| 34.37 | PAF |
| 31.07 | PAF |
| 30.95 | PAF |
| 26.09 | PAF |
| 24.53 | PAF |
| 24.77 | PAF |
| 35.53 | PAF |
| 30.35 | PAF |
| 27.87 | PAF |
| 25.92 | PAF |
| 22.68 | PAF |
| 28.38 | PAF |
| 19.47 | Conbanco |
| 27.36 | Conbanco |
| 21.72 | Conbanco |
| 28.81 | Conbanco |
| 17.28 | Conbanco |
| 23.74 | Conbanco |
| 17.84 | Conbanco |
| 14.59 | Conbanco |
| 18.4 | Conbanco |
| 24 | Conbanco |
| 29.36 | Conbanco |
| 24.57 | Conbanco |
| 28.46 | Conbanco |
| 34.52 | Conbanco |
| 24.65 | Conbanco |
| 18.06 | Conbanco |
| 23.24 | Conbanco |
| 27.96 | Conbanco |
| 12.84 | Conbanco |
| 16.43 | Conbanco |
| 31.51 | Conbanco |
| 24.04 | Conbanco |
| 21.54 | Conbanco |
| 13.02 | Conbanco |
| 26.42 | Conbanco |
| 44.55 | Conbanco |
| 14.06 | Conbanco |
| 20.4 | Conbanco |
Solutions
orchestra answered 2 years agoRelated Solutions
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