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

question 265

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 400 stores, the confidence interval estimate of the mean with finite population correction would have been wider in range.

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Definitions:

Ethical Problems

Situations where individuals or organizations must make decisions that could impact stakeholders' rights and wellbeing, often requiring a choice between morally conflicting alternatives.

RADAR Model

A framework for ethical decision-making that stands for Recognize, Avoid, Defend, Analyze, and Recover, used to assess ethical issues in business.

Questionable Conduct

Actions or behaviors that raise doubts about ethical standards, legality, or appropriateness.

Reluctant

Feeling or showing hesitation or unwillingness to do something.