Question

You own a small storefront retail business and are interested in determining the average amount of money a typical customer spends per visit to your store. You take a random sample over the course of a month for 24 customers and find that the average dollar amount spent per transaction per customer is $80.117 with a standard deviation of $13.8918. When creating a 95% confidence interval for the true average dollar amount spend per customer, what is the margin of error?

The owner of a local phone store wanted to determine how much customers are willing to spend on the purchase of a new phone. In a random sample of 15 phones purchased that day, the sample mean was $472.053 and the standard deviation was $26.0593. Calculate a 95% confidence interval to estimate the average price customers are willing to pay per phone.

Answer 1