A retailer entered into an exclusive agreement with a supplier who guaranteed to

Question

A retailer entered into an exclusive agreement with a supplier who guaranteed to provide all products at competitive prices. The retailer eventually began to purchase supplies from other vendors who offered better prices. The original supplier filed a legal action claiming violation of the agreement. In defense, the retailer had an audit performed on a random sample of invoices. For each audited invoice, all purchases made from other suppliers were examined and the prices were compared with those offered by the original supplier. For each invoice, the percent of purchases for which the alternate supplier offered a lower price than the original supplier was recorded. Here are the data 32 76 84 68 24 56 52 76 8 100 28 8 96 24 80 76 96 32 80 32 56 68 64 72 24 Report the average of the percents with a 99% confidence interval. (Round your answers to one decimal place.) Lower limit 40.7 Upper limit 67.3

Explanation / Answer

The statistical software output for this problem is:

One sample T confidence interval:
: Mean of variable

99% confidence interval results:

Hence,

Upper limit = 72.3

Variable Sample Mean Std. Err. DF L. Limit U. Limit Data 56.48 5.6394799 24 40.706716 72.253284

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