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A Random Sample of 81 Credit Sales in a Department

question 17

Short Answer

A random sample of 81 credit sales in a department store showed an average sale of $68.00. From past data, it is known that the standard deviation of the population is $27.00.
a.Determine the standard error of the mean.
b.With a 0.95 probability, what can be said about the size of the margin of error?
c.What is the 95% confidence interval of the population mean?


Definitions:

Modes

Different methods or means of transportation, communication, or operation.

Specialized Services

Custom or niche services offered to address specific needs of a particular customer segment or market.

3PL Study

An examination or research focused on third-party logistics providers, covering aspects like efficiency, services, and impact on supply chains.

Third-party Suppliers

External entities that provide goods or services to a company, which are not part of the company's internal operations or supply chain.

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