A Major Electronics Store Chain Is Interested in Estimating the Average

question 1

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 s² = 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:

Merchandise Purchases

The acquisition of goods that a company intends to resell to customers.

Fixed Product Cost

Costs that do not vary with the level of production or sales, such as salaries of permanent employees and rent.

Factory Supervisor

An individual who oversees the work of employees in a manufacturing facility, ensuring that production goals and standards are met.

Wages

Payments made to employees, typically calculated on an hourly, daily, or piecework basis, for labor or services provided.