Question

The marketing team at Beth's Butter Works decided they preferred the traditional plastic tub packaging, but they wanted a more refined estimate of potential sales. They launched a third test at a regional level across 100 stores. These 100 stores had average daily sales of 140 units with a standard deviation of 50.

Calculate the 99%, 95%, and 68% confidence intervals for the average number of units Beth's Butter Works can anticipate to sell. Enter your results in the blanks below.

There is a 99% likelihood that they will sell between and units.

There is a 95% likelihood that they will sell between and units.

There is a 68% likelihood that they will sell between and units.

  

Answer 1

a) There is a 99% likelihood that they will sell between 127 and 153 units.

b) There is a 95% likelihood that they will sell between 130 and 150 units.

c) There is a 68% likelihood that they will sell between 135 and 145 units.

Explanation :-