Suppose a Department Store Wants to Estimate the Mean Age

question 76

Short Answer

Suppose a department store wants to estimate the mean age of the customers of its contemporary apparel department,correct to within 2 years,with level of confidence equal to 95%.Management believes that the standard deviation is 8 years.The sample size they should take is .

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Definitions:

Net Operating Income

A measure of a company's profitability from its regular, core business operations, calculated as revenue minus operating expenses, excluding taxes and interest.

Current Price

The present market value or selling price of a good, service, or asset.

Product

An item or service created as a result of a process, intended for the market.

Absorption Costing

A financial tracking approach that incorporates all costs associated with producing an item, such as direct materials, direct labor, along with all manufacturing overhead costs, whether they are fixed or variable.