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A marketing researcher wants to estimate the mean savings ($) realized by shoppers who showroom. Showrooming...

A marketing researcher wants to estimate the mean savings ($) realized by shoppers who showroom. Showrooming is the practice of inspecting products in retail stores and then purchasing the products online at a lower price. A random sample of 100 shoppers who recently purchased a consumer electronics item online after making a visit to a retail store yielded a mean savings of $58 and a standard deviation of $55.
a. Construct a 95% confidence interval estimate for the mean savings for all showroomers who purchased a consumer electronics item.

b. Suppose the owners of a consumer electronics retailer wants to estimate the total value of lost sales attributed to the next 1,000 showroomers that enter their retail store. How are the results in (a) useful in assisting the consumer electronics retailer in their estimation?
Math   Statistics-And-Probability   
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