You read a research paper that applies to your industry, and it says that when p

Question

You read a research paper that applies to your industry, and it says that when people are given a list of facts about your product, they are more likely to buy your product and that the difference between the regular amount of sales and the sales when people read the list of facts is 3 standard deviations.  How would you describe the difference of 3 standard deviations (select the best answer)?

Select one:

a. Can not tell because the units are not specified.

b. It is a small difference because 3 is a small number.

c. It is an important difference because a 3 standard deviation difference would be expected due to random chance in less than 1% of the cases.

d. It is NOT an important difference because with each sample there is variation and the difference could be due to chance.

e. Can not tell because the sample size is not given.

Explanation / Answer

Since sample size is not given, we cannot apply central limit theorem. Therefore, correct option is:

e. Can not tell because the sample size is not given.

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