Instruction 8-1 A Random Sample of 100 Stores from a Large Chain

question 43

True/False

Instruction 8-1
A random sample of 100 stores from a large chain of 1,000 garden supply stores was selected to determine the average number of lawnmowers sold at an end-of-season clearance sale. The sample results indicated an average of 6 and a standard deviation of 2 lawnmowers sold. A 95% confidence interval (5.623 to 6.377) was established based on these results.
-Referring to Instruction 8-1,if the population had consisted of 10,000 stores,the confidence interval estimate of the mean would have been wider in range.

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Definitions:

Sample Size

The count of data points or observations gathered in a research study for deriving conclusions.

Population Mean

The average of a set of characteristics (e.g., measurements, scores) for every individual or entity in the entire population.

Standard Error

The standard deviation of the sample mean distribution or an estimate of that standard deviation.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the values in the dataset deviate from the mean.