A Manager of a Local Store Wants to Estimate the Mean

question 81

Multiple Choice

A manager of a local store wants to estimate the mean amount spent per shopping visit by customers. Summary statistics from a sample taken reveal the following: Determine a 95% confidence interval for the mean amount spent.

• A) [45.12, 53.56]
• B) [40.36, 58.35]
• C) [30.54, 68.14]
• D) [45.14, 53.54]
• E) [29.34, 69.34]

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Definitions:

Lifestyle

A way of living or doing things, which can influence consumption patterns, preferences, and social interactions.

Personality Characteristics

Traits that define an individual’s behavior, attitudes, and emotions, influencing how they interact with the world and make decisions.

Demographically Diverse

Reflecting a population that includes a wide range of characteristics such as age, sex, ethnicity, or socioeconomic status.

Competitors

Other businesses or entities that offer similar products or services within the same market and vie for the same customer base.