A Major Department Store Chain Is Interested in Estimating the Mean

question 41

Multiple Choice

A major department store chain is interested in estimating the mean amount its credit card customers spent on their first visit to the chain's new store in the mall. Fifteen credit card accounts were randomly sampled and analyzed with the following results: =$50.50 and S = 20. Construct a 95% confidence interval for the mean amount its credit card customers spent on their first visit to the chain's new store in the mall assuming that the amount spent follows a normal distribution.

• A) $50.50 ± $9.09
• B) $50.50 ± $10.12
• C) $50.50 ± $11.00
• D) $50.50 ± $11.08

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Definitions:

Modelling

In social science, it refers to the process of learning and adopting behaviors by observing and imitating others.

Frequency Marketing

A promotional strategy that focuses on rewarding customers based on the frequency of their purchases.

Variable Ratio

In the context of behavioral psychology, it's a reinforcement schedule where a response is reinforced after an unpredictable number of responses, often used in gambling and sales strategies.

Fixed-Interval Reinforcement

is a schedule of reinforcement where a response is rewarded only after a specified amount of time has elapsed, resulting in a pattern of behavior that increases as the time for the next reward draws near.