Determining point estimate and confidence interval

Assignment Help Basic Statistics

Reference no: EM13105608

The management of a department store is interested in estimating the difference between the mean credit purchases of customers using the store's credit card versus those customers using a national major credit card. You are given the following information.

Store's Card Major Credit Card

Sample size 64 49

Sample mean $140 $125

Population standard deviation $10 $8

a) A point estimate for the difference between the mean purchases of the users of the two credit cards is

b) At 95% confidence, the margin of error is

c) A 95% confidence interval estimate for the difference between the average purchases of the customers using the two different credit cards is

Reference no: EM13105608

Questions Cloud

Function of the price of the milk : Find a linear function G(p) that gives the number of gallons sold as a function of the price of the milk.

Calculations scatter plots for estimating demand information : You have watched at break-even calculations scatter plots for estimating demand information and trends in revenue. In each of these you basic the analysis to a straight line

Explain opinions on morality of bombing evolved : Have our opinions on morality of bombing evolved? May be it is because precision bombing is now possible and morale of civilian populations is emboldened by bombing. What do you believe?

Prepare a statement of cost of goods manufactured : Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent. Prepare a statement of cost of goods manufactured for the first quarter of 2004.

Determining point estimate and confidence interval : The management of a department store is interested in estimating the difference between the mean credit purchases of customers using the store's credit card versus those customers using a national major credit card.

Fundamentals of human resource management : Fundamentals of Human Resource Management. How might organizations use numerous compensation methods to remain competitive? How might compensation strategies be utilized to improve the organization's performance?

Analysis gives students an opportunity to identify weakness : analysis gives students an opportunity to identify weaknesses in time management and to propose remedies. The problems involve several managerial functions, including delegation, planning and monitoring.

Purchasing cases of wine : Suppose that you are purchasing cases of wine and that periodically you select a test case to determine the adequacy of the bottles' seals. To do this you randomly select and test 3 bottles int he case.

Competitive assaults of google as well as microsoft : alliance with yahoo as well as other acquisitions as noted in this case enough to ward off the competitive assaults of Google as well as Microsoft?

User Account

All Pages