A Major Department Store Chain Is Interested in Estimating the Mean

question 141

Multiple Choice

A major department store chain is interested in estimating the mean amount its credit card customers spent on their first visit to the chain's new store in the mall.Fifteen credit card accounts were randomly sampled and analyzed with the following results:
x? = $50.50 And S = 20 .Construct a 95% confidence interval for the mean amount its credit card customers spent on their first visit to the chain's new store in the mall if the amount spent follows a normal distribution.

• A)$50.50 \(\pm\) $9.09
• B)$50.50 \(\pm\) $10.12
• C)$50.50 \(\pm\) $11.00
• D)$50.50 \(\pm\) $11.08

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Definitions:

Monopoly

A market structure characterized by a single seller who has exclusive control over a product or service, with no close substitutes.

Natural Monopoly

A market situation where the most cost-efficient production level is achieved by a single firm due to high fixed or start-up costs, making it impractical for new entrants.

Marginal Cost

The change in total cost that arises when the quantity produced is incremented by one unit.

Output

The total amount of products or services produced by a company, industry, or economy within a specific period.