nbs and Productivity\' Ho do retail stores ate? ne way to answer tis nuestion 3.
ID: 3060059 • Letter: N
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nbs and Productivity' Ho do retail stores ate? ne way to answer tis nuestion 3.9 thousend dollars. to ex mine annual prants per emplo e. T e following data e annual pr ts prn plove. in units of 1 thousand dollars e"mployee for companies in ntal Sales. Assume 1.3 64 3.5 9.0 7.5 5.3 8.3 6.0 2.6 2.9 .1-1.9 11.9 9.2 64 4.7 5.5 4.93.0 4.3-6.0 15 2.9 1.7 94 5.5 5.8 4.7 6.2 15.0 4.1 3.7 5.1 4.2 (a) se a calcularor or appropriate computer software to find x for the praceding data. (Round your answer to two decimal places. thausand dollars per employee b Le us su the precedi lg data re representative o he en re sector o retai saes o m er les ind an a0% com ence r erva or , he dV rege annua profit per employee or retail ss es Round your answers to two dec mal paces 1 thousand dollers upper limit thousand dollars (c) Let us sey that you are the rmanager of a retail store with a large number of enployees. Suppose the ernnual profits are less than 3 thousand dollars per emiployee. Do you think this might be low compered with other retail stores? Explain by referring to the confidence interval You computed in part [b). Yes. This confidence interval suggests that the profits per employee are less than thase of other retail stores O No. This confidence interval suggests that the prafits per employec do not differ from those of ather retail stores (d Suppose the annual profits are more than 6.5 thousand dollars Per employee. As store manager, would you feel somewhat better? Explain by referring to the confidence interval you computed in pa b). Yes. This confidence interval suggests that the profits per employee are greater than those of other retail stores. No. This confidence interval suggests that the profits per emplyee do not differ from those of ather retail stores. (e} Find an 95% confidence interval for , the average annual profit per employee for retail sales. (Round your answers to two decimal places.) lower limit pper limit thousand dollars Let us say that you are the manager of a retail store with a large number of employees. Suppose the annual profits are less than 3 thousand dolars per employee. Do you think this might be low compared with other retail stores? Explain by referring to the confidence interval you computed in part (b). O Yes, This confidence interval suggests that the profits per employee are less than those of other retail stores. No. This confidence intervel suggests that the profits per employee do not differ from those of other retail stores. Suppose the annual proits are mare than 6.5 thousand dollars per emplayee. As store manager, would you feel somewhat better? Explain by referring to the contdence interval you computed in part (h) Yes. This confidence interval suggests that the profits per employee are greater than those of other retail stores. No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores.Explanation / Answer
Solution:- Given that values 4.3,6.4,3.5,9.0,7.5,5.3,8.3,6.0,2.6,2.9,8.1,1.9,11.9,8.2,6.4,4.7,5.5,4.8,3.0,4.3,-6.0,1.5,2.9,4.8,-1.7,9.4,5.5,5.8,4.7,6.2,15.0,4.1,3.7,5.1,4.2.
Assume = 3.9
a) X = 176/35 = 5.03
b) 80% confidence interval Z = 1.28
=> X +/- Z * /sqrt(n)
= 5.03 +/- 1.28 * 3.9 /sqrt(35)
= 4.19 , 5.87
c) option A. Yes. This confidence interval suggests that the profits per employee are less than those of other retail stores.
d) option A. Yes. This confidence interval suggests that the profits per employee are greater than those of other retail stores.
e) 95% confidence interval for the Z = 1.96
=> X +/- Z * /sqrt(n)
= 5.03 +/- 1.96 * 3.9 /sqrt(35)
= 3.74 , 6.32
=> option A. Yes. This confidence interval suggests that the profits per employee are less than those of other retail stores.
=> option A.Yes. This confidence interval suggests that the profits per employee are greater than those of other retail stores.
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