You are the manager of a chain specialty clothing store and recieve a call from

Question

You are the manager of a chain specialty clothing store and recieve a call from your regional manager wanting to know what would be the expected sales per customer for the next Saturday. You decide to select 36 sales receipts randomly from the last Saturday's sales record. Your records indicate that on the average customers were spending about $80 per sales ticket. Your records, to date, revealed that there was a $3 standard deviation on all the Saturday clothing sales. You want to be 90% certain that the information that you provide to the regional manager is the correct answer.

n =

sample mean =

standard deviation =

standard error of the mean =

alpha =

MoE =

CC =

UCL =

LCL =

Explanation / Answer

std deviation =3, sample mean=80 and n=36

standard error =std deviation/(n)1/2 =3/6=0.5

for 90% CI, z=1.645

hence margin of errror =z*std errror =0.8225

upper confidence limit =sample mean +margin of error =80.8225

lower confidence limit =sample mean -margin of error =79.1775

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