In Order to Estimate the Difference Between the Average Daily

question 113

Essay

In order to estimate the difference between the average daily sales of two branches of a department store,the following data has been gathered.

a.Determine the point estimate of the difference between the means.
b.Determine the degrees of freedom for this interval estimation.
c.Compute the margin of error.
d.Develop a 95% confidence interval for the difference between the two population means.

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Definitions:

Trade

The exchange of goods and services between parties.

Imports

Goods or services brought into one country from another for the purpose of sale.

Exports

Goods or services produced in one country and sold to buyers in another, contributing to a nation's economy by generating income and employment.

Equilibrium Price

Equilibrium Price is the market price at which the quantity of goods supplied equals the quantity of goods demanded.