Suppose a Department Store Wants to Estimate the Mean Age

question 76

Short Answer

Suppose a department store wants to estimate the mean age of the customers of its contemporary apparel department,correct to within 2 years,with level of confidence equal to 95%.Management believes that the standard deviation is 8 years.The sample size they should take is .

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Definitions:

Aggregate-Demand Curve

An illustrative chart that demonstrates how the general price level within the economy correlates with the total demand for goods and services at that level.

Short Run

A time period in economics during which at least one input is fixed, typically considered to be within a few months to a year.

Aggregate Supply

The total supply of goods and services that firms in an economy are willing and able to sell at different price levels.

Short-Run

A period during which at least one input, such as plant size or capital, is fixed, allowing only some production variables to be adjusted.