A Random Sample of 82 Customers,who Visited a Department Store,spent

question 18

Short Answer

A random sample of 82 customers,who visited a department store,spent an average of $71 at this store.Suppose the standard deviation of expenditures at this store is = $19.The 98% confidence interval for the population mean (rounded to two decimal places)is:

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Definitions:

Purchasing Power Analysis

A technique used to determine the amount of goods or services that can be purchased with a unit of currency.

Retail or Professional Service

Refers to businesses that sell goods directly to consumers or provide specialized professional services, respectively.

Load-Distance Analysis

A mathematical technique used in facility layout planning to minimize the weighted distances between departments or areas within a facility.

Distribution Centre

A facility that stores products for relatively short periods of time and redistributes them to retailers or directly to customers.