Compute confidence interval to estimate true average

Reference no: EM13129219

A random sample of 100 record shops found that the average weekly sale of a particular single was 260 copies, with standard deviation of 96.

a) Compute the 95% confidence interval to estimate the true average sale for all shops.

b) To compile the record chart it is necessary to know the correct average weekly sale to within 1% of its true value. How large a sample size is required?

c) Why is an interval estimate better than a point estimate? What factors determine the width of a confidence interval?

Reference no: EM13129219

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