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?

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Definitions:

Infrastructure

The fundamental physical and organizational structures and facilities needed for the operation of a society or enterprise, such as buildings, roads, and power supplies.

Monetization

Monetization is the process of converting something into revenue, such as generating income from a website, application, or digital content through advertisements, subscriptions, or sales.

Social Commerce

The practice of buying and selling goods or services through social media platforms, leveraging user contributions and social interactions.

Entertainment Marketing

The practice of using entertainment media to promote products, services, or brands.