[41(8) The Banks Brothers Men\'s Clothiers, a regional of designer clothes into

Question

[41(8) The Banks Brothers Men's Clothiers, a regional of designer clothes into some or all of the following distn product has been profit ahle whenever it is introduced i whose gross annual purchase of men's clothing amounts to at least $350. Data shown below chain of stores, is considering introducing a new line cts. The marketing research staff reports that the nto a district containing 500, 000 or more households on the three districts are Annual Purchases Number of Households Mean Median Mode Deviation 1,250,000 377 360 1,000,000 365 340 310 20 1,350,000 353 352 350 40 Standard District Ohio St. Lawrence Yukon 358 38 a) In your opinion, is Yukon a good candidate for a new store? Substantiate your answe (b) In your opinion, is St. Lawrence a good candidate for a new store? Substantiate your answer

Explanation / Answer

From the given information,

it is observed that all three districts have mean > median > mode. Therefore, the given data is positively skewed.

From the known information,

A data which has less standard deviation or variance then that data is the good estimator.

(a)

Yukon is not a good candiate for new store because it has the standard deviation 40. Which is greater than the St. Lawrence standard deviation, 20 and Ohio standard deviation, 30.

Therefore,yukon is not a good candiate for new store.

(b)

St. Lawrence is a good candiate for new store because it has the standard deviation 20. Which is less than the Yukon standard deviation, 40 and Ohio standard deviation, 30.

Therefore,St. Lawrence is a good candiate for new store.

In one standard deviation limits, St. Lawrence is a good candiate for new store.

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