Suppose a Department Store Wants to Estimate the Average Age

question 112

Short Answer

Suppose a department store wants to estimate the average age of the customers of its contemporary apparel department,correct to within 2 years,with level of confidence equal to 95%.Management believes that the standard deviation is 8 years.The sample size they should take is _________.

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Definitions:

Irrational Exuberance

A term used to describe overly optimistic market behavior that is not supported by fundamentals, often leading to asset bubbles.

McJobs

A slang term that describes low-paying, low-prestige jobs that require few skills and offer little chance for advancement.

Presidential Candidate

An individual who runs for the presidency, participating in electoral campaigns to gain support for their leadership of a country.

George H.W. Bush

The 41st President of the United States, serving from 1989 to 1993, known for his leadership during the Gulf War and for being the father of the 43rd President.