Question

A market research firm supplies manufacturers with estimates of the retail sales of their products from samples of retail stores. Marketing managers are prone to look at the estimate and ignore sampling error. A random sample of 36 stores this year shows mean sales of 77 units of a small appliance with a standard deviation of 14 units. During the same point in time last year, a random sample of 49 stores had mean sales of 61 units with standard deviation 15 units. It is of interest to construct a 95 percent confidence interval for the difference in population means ?1−?2, where ?1 is the mean of this year's sales and ?2 is the mean of last year's sales. Enter values below rounded to three decimal places.

(b) The standard error is:

Answer 1

Confidence interval : (9.630 to 22.370)

Standard error: 3.2