A Sample of Holiday Shoppers Is Taken Randomly from a Local

question 118

Short Answer

A sample of holiday shoppers is taken randomly from a local mall to determine the average daily spending on gifts. From a preselected sample, the standard deviation was determined to be $26. You would like to construct a 95% confidence interval for the mean daily spending on all holiday spending.
A) Find the appropriate sample size necessary to achieve a margin of error of $5.
B) Find the appropriate sample size necessary to achieve a margin of error of $8.

• A) Find the appropriate sample size necessary to achieve a margin of error of $5.
• B) Find the appropriate sample size necessary to achieve a margin of error of $8.

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Definitions:

Void Title

A title to property or an asset that is invalid from the start and has no legal effect.

Merchant

an individual or business that is involved in the trading of goods, services, or commodities for profit.

Consignment Activity

Refers to the process where goods are placed in the care of another, but the ownership remains with the supplier until the goods are sold.

Trespass to Chattels

A tort in which one person unlawfully interferes with another person's lawful right of possession of personal property.