Asked by Tabatha Holmes on Jun 12, 2024
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A small stock brokerage firm wants to determine the average daily sales (in dollars) of stocks to their clients.A sample of the sales for 36 days revealed an average daily sales of $200,000.Assume that the standard deviation of the population is known to be $18,000.
a.
Provide a 95% confidence interval estimate for the true average daily sales.
b.
Provide a 97% confidence interval estimate for the true average daily sales.
Standard Deviation
An index to assess the range of fluctuation or deviation in a series of numbers.
Daily Sales
The total revenue or units sold by a business during a single day.
- Acquire knowledge and apply the techniques of confidence intervals in estimating parameters of a population.
- Arrange confidence boundaries for population mean values, disregarding the established nature of population standard deviations.
- Differentiate the influence of sample size versus confidence level on the extent of a confidence interval's width.
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SD
Learning Objectives
- Acquire knowledge and apply the techniques of confidence intervals in estimating parameters of a population.
- Arrange confidence boundaries for population mean values, disregarding the established nature of population standard deviations.
- Differentiate the influence of sample size versus confidence level on the extent of a confidence interval's width.