A Local Retail Company Wants to Estimate the Mean Amount

question 43

Multiple Choice

A local retail company wants to estimate the mean amount spent by customers. Their store's budget limits the number of surveys to 225. What is their maximum error of the estimated mean amount spent for a 99% level of confidence and an estimated standard deviation of $10.00?

• A)$10
• B)$1.00
• C)1%
• D)$1.72

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Definitions:

Cognitive Component

Refers to the thoughts, beliefs, and knowledge one has about a given subject, part of the attitude component in psychology.

Physical Component

Relates to the bodily aspect of something, such as the physical part of a health-related quality of life or a device.

Psychological Component

refers to aspects of psychology such as emotions, attitudes, and perceptions that contribute to an individual's overall mental and emotional state.

Bulimia Nervosa

An eating disorder characterized by binge eating followed by purging, to prevent weight gain.