A Major Department Store Chain Is Interested in Estimating the Mean

question 133

Short Answer

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: $\bar { X } = \$ 50.50 \text { and } S = 20$ . 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 assuming that 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:

Utility

A measure of satisfaction or pleasure derived from consuming goods or services.

Satisfaction

The contentment or fulfillment a consumer feels after purchasing and using a product or service.

Purposeful Behavior

Actions taken by individuals or entities aimed at achieving specific goals or outcomes, based on rational decision-making processes.

Desired Outcomes

Refers to the specific goals or results that an individual or organization aims to achieve.