Solution-How large should the sample sizes be for each

How large should the sample sizes be for each

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Reference no: EM131553986

Question: Beltway Shoe Company sells luxury leather shoes in the United States. The company monitors its shoe sales by collecting randomly chosen data from store locations throughout the country. They record original price, sale price, and number of days it takes to sell each unit. Each pair of shoes is classified as "Eastern Region" if it is sold in the Eastern part of the United States, or as "Western Region" if it is sold in the Western part of the country. Randomly chosen samples provided sales data for 50 Western Region and 50 Eastern Region pairs of shoes. The complete data set is in the file named Shoes, linked at the bottom of the page.

Managerial Report: Prepare a report (see below) that summarizes your assessment of the nature of the shoe market in each region. Be sure to include the following seven (7) items in your report.

1. Descriptive statistics (mean, median, range, and standard deviation) to summarize each of the three variables for the 50 Western Region shoes. Are there any outliers in the data set for any of the three variables? If there are any outliers in any category, please list them and state for which category they are an outlier. Describe which method you used to make your determination.

2. Descriptive statistics (mean, median, range, and standard deviation) to summarize each of the three variables for the 50 Eastern Region shoes. Are there any outliers in the data set for any of the three variables? If there are any outliers in any category, please list them and state for which category they are an outlier. Describe which method you used to make your determination.

3. Compare your summary results from #1 and #2. Discuss any specific statistical results that would help the Beltway Shoes Marketing Department understand the regional shoe market.

4. Develop a 90% confidence interval estimate of the population mean sales price and population mean number of days to sell for pairs of Beltway Shoes in the Eastern Region. Interpret your results.

5. Develop a 90% confidence interval estimate of the population mean sales price and population mean number of days to sell for pairs of Beltway Shoes in the Western Region. Interpret your results.

6. Assume a branch sales manager requested estimates of the mean selling price of Western Region shoes with a margin of error of $5 and the mean selling price of Eastern Region shoes with a margin of error of $4. Using 90% confidence, how large should the sample sizes be for each?

7. A Western Region store manager just placed on display a pair of Beltway Shoes, with an original price of $120. Also, an Eastern Region store manager just placed on display a pair of Beltway Shoes, with an original price of $125. For each pair of shoes, what is your estimate of the final selling price (based on the percent difference for the sale and list price) and number of days required to sell each of these units?

Western Region			Eastern Region
Original Price	Sale Price	Days to Sell	Original Price	Sale Price	Days to Sell
82	60	20	148	139	33
140	123	26	103	89	59
80	70	16	112	100	189
89	50	72	81	61	145
135	120	18	136	100	91
146	143	109	112	89	66
80	80	79	121	100	81
125	100	130	83	60	65
70	60	100	99	80	100
81	52	96	93	65	15
103	95	14	98	70	34
118	100	33	106	100	102
136	100	101	109	99	45
101	50	55	102	89	166
140	75	69	96	96	50
73	42	120	103	40	56
135	99	90	84	60	102
89	40	40	96	50	71
144	60	130	125	75	45
109	45	23	136	100	80
145	100	106	103	103	33
81	50	133	82	60	25
136	70	62	149	100	23
110	88	74	92	88	45
137	137	101	111	100	77
132	50	96	148	70	100
75	42	98	98	68	65
71	62	189	102	82	34
109	89	122	109	100	144
130	119	108	137	137	2
108	89	19	85	65	34
146	100	125	94	84	45
98	80	15	141	141	100
82	50	7	131	120	8
79	79	1	130	120	10
138	99	17	107	80	45
95	79	23	113	80	120
136	129	30	142	100	100
74	34	17	105	60	36
139	100	25	140	70	75
143	89	120	83	43	69
120	109	35	97	90	45
75	75	25	95	90	38
136	69	15	129	99	56
124	100	75	93	60	71
132	69	25	118	100	34
91	79	33	89	80	55
80	50	49	73	60	67
54	54	100	79	60	78
68	58	75	103	70	114

Reference no: EM131553986

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How large should the sample sizes be for each

Reference no: EM131553986

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