TABLE 8-1 A Random Sample of 100 Stores from a Large Chain

question 21

True/False

TABLE 8-1
A random sample of 100 stores from a large chain of 500 garden supply stores was selected to determine the mean number of lawnmowers sold at an end-of-season clearance sale. The sample results indicated a mean of 6 and a standard deviation of 2 lawnmowers sold. A 95% confidence interval (5.623 to 6.377) was established based on these results.
-Referring to Table 8-1, if the population had consisted of 1,000 stores, the confidence interval estimate of the mean with finite population correction would have been wider in range.

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Definitions:

Business Firm

An organization engaged in commercial, industrial, or professional activities with the purpose of generating profit.

Large Corporations

Substantial business entities with significant operational scale, usually involving multi-national operations and a large number of employees.

Jurisdiction

The legal authority granted to a court or governmental entity to make decisions and enforce laws.

Diversity Jurisdiction

Federal courts' authority to hear lawsuits involving parties from different states or countries, based on their diversity of citizenship.