A Manager of a Local Store Wants to Estimate the Mean

question 65

Multiple Choice

A manager of a local store wants to estimate the mean amount spent per shopping visit by customers. Summary statistics from a sample taken reveal the following: The store manager wonders whether the population mean could have been $50 or $60.

• A) Since $60 is within the 95% confidence interval, the population mean is likely to be $60.
• B) Since $60 is not within the 95% confidence interval, the population mean is not likely to be $60.
• C) Since $50 is within the 95% confidence interval, the population mean is likely to be $50.
• D) Since $50 is not within the 95% confidence interval, the population mean is not likely to be $50.
• E) Since $60 is not within the 95% confidence interval, the population mean is not likely to be $60; however, it is likely to be $50.

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Definitions:

Regulation

A rule or directive made and maintained by an authority to regulate behavior, usually in the context of legal, professional, or institutional settings.

Specific Gravity

The weight or degree of concentration of a substance compared with that of an equal volume of another, such as distilled water, taken as a standard.

Amber

A fossilized tree resin, often used as a gemstone, which is known for its warm, honey-like color and the potential to contain prehistoric inclusions.