Instruction 12 -Referring to Instruction 12

question 84

Short Answer

Instruction 12.34
The management of a chain electronic store would like to develop a model for predicting the weekly sales (in thousands of dollars) for individual stores based on the number of customers who made purchases. A random sample of 12 stores yields the following results:
$$\begin{array} { | l | c | } \hline \text { Customers } & \text { Sales (Thousands of Dollars) } \\\hline 907 & 11.20 \\\hline 926 & 11.05 \\\hline 713 & 8.21 \\\hline 741 & 9.21 \\\hline 780 & 9.42 \\\hline 898 & 10.08 \\\hline 510 & 6.73 \\\hline 529 & 7.02 \\\hline 460 & 6.12 \\\hline 872 & 9.52 \\\hline 650 & 7.53 \\\hline 603 & 7.25 \\\hline\end{array}$$
-Referring to Instruction 12.34,construct a 95% confidence interval for the change in average weekly sales when the number of customers who make purchases increases by 1.

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Definitions:

Wage Rate

The amount of money paid to an employee per unit of time or piece of work completed.

Leisure

Time spent away from work and essential domestic activities, often used for rest, recreation, or cultural pursuits.

Inferior Good

A type of good for which demand decreases when consumer income rises, in contrast to normal goods, where demand increases with rising income.

Consumer Income

The total amount of income earned by consumers in an economy, including wages, salaries, benefits, and other income sources, influencing their buying power.