A Random Sample of 81 Credit Sales in a Department

question 17

Short Answer

A random sample of 81 credit sales in a department store showed an average sale of $68.00. From past data, it is known that the standard deviation of the population is $27.00.
a.Determine the standard error of the mean.
b.With a 0.95 probability, what can be said about the size of the margin of error?
c.What is the 95% confidence interval of the population mean?

---

Definitions:

Prospective Customers

Potential clients who have shown interest in a company's product or service but have yet to make a purchase.

Salespeople

Individuals who are tasked with selling products or services to customers, often acting as the direct link between the company and its clients.

Neuromarketing

A field of marketing research that studies consumers' sensorimotor, cognitive, and affective response to marketing stimuli, using neuroscientific methods.

Marketers

Professionals or organizations involved in the process of promoting, selling, and distributing a product or service to the market.