A Local Electronics Firm Wants to Determine Their Average Daily

question 96

Short Answer

A local electronics firm wants to determine their average daily sales (in dollars.) A sample of the sales for 36 days revealed average sales of $139,000. Assume that the standard deviation of the population is known to be $12,000.
a.Provide a 95% confidence interval estimate for the average daily sales.
b.Provide a 97% confidence interval estimate for the average daily sales.

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Definitions:

Government Employees

Individuals who work in various departments and agencies of the government and are paid by the government.

Private-Sector Workers

Employees who work for businesses or organizations that are not owned or operated by the government.

Private Sector

The part of the economy that is run by individuals and companies for profit and is not controlled by the government.

Government Sector

The part of the economy that is controlled by the government, including all public services and governmental agencies.