Solved

A Major Department Store Chain Is Interested in Estimating the Mean

question 79

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 , S being the standard deviation.Assuming the distribution of the amount spent on their first visit is normal, what is the shape of the sampling distribution of the sample mean that will be used to create the desired $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 , S being the standard deviation.Assuming the distribution of the amount spent on their first visit is normal, what is the shape of the sampling distribution of the sample mean that will be used to create the desired confidence interval for \mu ? A) Approximately normal with a mean of $50.50 B) A standard normal distribution C) A t distribution with 15 degrees of freedom D) A t distribution with 14 degrees of freedom$ confidence interval for $\mu$ ?

Definitions:

Standardised Score

A score that has been transformed to fit a specific average and standard deviation, allowing comparison across different tests or populations.

Variability

The degree to which data points in a set differ from each other and from their average; a measure of dispersion or spread in statistical data.

Standard Deviation

A statistical measure of the dispersion or variation in a set of values, indicating how much individual values deviate from the mean of the set.

Distribution of Scores

The spread of values within a set of data, often analyzed in psychological research to understand variability within a sample.