A Manager of a Local Store Wants to Estimate the Mean

question 76

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:
The store manager wonders whether the population mean could have been $50 or $60.

• A) Since $60 is within the 95% confidence interval, the population mean is likely to be $60.
• B) Since $60 is not within the 95% confidence interval, the population mean is not likely to be $60.
• C) Since $50 is within the 95% confidence interval, the population mean is likely to be $50.
• D) Since $50 is not within the 95% confidence interval, the population mean is not likely to be $50.
• E) Since $60 is not within the 95% confidence interval, the population mean is not likely to be $60; however, it is likely to be $50.

---

Definitions:

Planning Errors

Mistakes made during the process of setting objectives and determining the means to achieve them.

Daydreams

Mental escapades or imaginative thoughts while awake, often about desires or fantasies.

Computer Coder

A professional skilled in writing and testing code for software applications and operating systems.

Productivity

The effectiveness of productive effort, measured as the output per unit of input, often used in the context of business or personal work output.