TABLE 13-4 The Managers of a Brokerage Firm Are Interested in Finding

question 3

Short Answer

TABLE 13-4
The managers of a brokerage firm are interested in finding out if the number of new clients a broker brings into the firm affects the sales generated by the broker. They sample 12 brokers and determine the number of new clients they have enrolled in the last year and their sales amounts in thousands of dollars. These data are presented in the table that follows.
-Referring to Table 13-4, suppose the managers of the brokerage firm want to construct a 99% confidence interval estimate for the mean sales made by brokers who have brought into the firm 24 new clients. The t critical value they would use is ________.

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Definitions:

Price Increase

A rise in the cost of goods or services, affecting consumer purchasing power and company profits.

Diagram

A simplified drawing showing the appearance, structure, or workings of something, typically used for explanation purposes.

Utility Function

A representation in economics of how a consumer ranks different bundles of goods or services in terms of their satisfaction or preference.

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