A Major Electronics Store Chain Is Interested in Estimating the Average

question 5

Multiple Choice

A major electronics store chain is interested in estimating the average 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 ² = 400. A 95% confidence interval for the average amount the credit card customers spent on their first visit to the chain's new store in the mall is:

• A)$50.50 ± $9.09.
• B)$50.50 ± $10.12.
• C)$50.50 ± $11.08.
• D)None of these choices.

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Definitions:

Service Sector

A segment of the economy that involves providing services rather than producing goods, including sectors like retail, education, healthcare, and financial services.

Productivity

The measure of how efficiently resources, such as labor and capital, are used to produce goods and services.

Knowledge Society

A society in which much of the labour force has migrated from manual work to work based on knowledge.

Manual Work

Physical or labor-intensive tasks performed by humans, not machines or automation.