Compute the standard error of the average

Reference no: EM131808713

Question: Consider the dollar value (in thousands) of gifts returned to each of your department stores after the holiday season (Table):

a. Compute the standard deviation.

b. Interpret the standard deviation as a measure of the variation from one store to another.

c. Compute the standard error of the average and briefly describe its meaning.

d. Find the two-sided 95% confidence interval for the mean value of returned merchandise for all downtown stores.

e. The Association of Downtown Merchants had been expecting an average value of $10,000 of returned merchandise per store, since this has been typical in the past. Test to see if this year's average differs significantly from their expectation.

Reference no: EM131808713

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