Applying confidence interval for population mean

Assignment Help Basic Statistics

Reference no: EM13104233

A stationary store wants to estimate the mean retail value of greeting cards that it has in inventory A random sample of 100 greeting cards. a mean value of 2.55 and standard deviation of 0.44

A. Assuming a normal distribution, construct a 95% confidence interval estimate for the mean value of all greeting cards in the store inventory

B. Suppose there are 2500 greeting cards in the store's inventory . How are the results in (A) useful in assisting the store owner to estimate the total value of the inventory

Reference no: EM13104233

Questions Cloud

Confidence interval-t test and outlier : Using the results, describe the effect of an outlier or extreme value on the confidence interval.

Determine the uninhibited desires of the employees : Which of the following takes the position that an election should "provide a laboratory in which an experiment may be conducted, under conditions as nearly ideal as possible, to determine the uninhibited desires of the employees."

Random sample of apartments problem : The mean area of several thousand apartments in a new development is advertised to be 1250 sq. ft. An engineer measured a random sample of apartments: 1244 1245 1242 1245 1237 1245 1246 1232

How visual coverage of iraq war vary between newspapers : Did topics of visual coverage of Iraq War vary between The New York Times and The Guardian newspapers? Create the hypothesis for these questions.

Applying confidence interval for population mean : A stationary store wants to estimate the mean retail value of greeting cards that it has in inventory A random sample of 100 greeting cards. a mean value of 2.55 and standard deviation of 0.44

Case of exchange rate regime : Explain and show under which case of exchange rate regime and capital controls combination this country will be better off. Fully justify your choice of regime - ECON 481

Iq test and their z-score and p-value : The Weschsler IQ test has a μ =100 and a σ = 15. A vitamin company said if people took vitamin X for 30 days their IQ would improve. A simple random sample of 49 people took the vitamins for 30 days. They then took the IQ test. The mean IQ of the ..

Us army machine gun ammunition : For machine gun ammunition to be acceptable, the US Army requires that 96 percent of rounds fired hit a specified target. The test is to fire a 50 round burst at the target and observe whether this condition is met.

Difference between mne and global organizations : What are the differences between MNEs and global organizations? How do organization types affect HR management?

User Account

All Pages