Question

Compute a 95% confidence interval for the quantitative variable for the sales data set and interpret...

Compute a 95% confidence interval for the quantitative variable for the sales data set and interpret that interval.

Sales (Y)
Mean 41.89
Standard Error 0.84
Median 43
Mode 44
Standard Deviation 8.39
Sample Variance 70.32
Kurtosis 1.66
Skewness -0.45
Range 46
Minimum 21
Maximum 67
Sum 4189
Count 100

Homework Answers

Answer #1

We are asked to calculate and interpret the 95% confidence interval given the following data

Mean= 41.89

Standard Error= 0.84

Median= 43

Mode= 44

Standard Deviation= 8.39

Sample variance =70.32

Kurtosis= 1.66

Skewness = -0.45

Range= 46

Minimum= 21

Maximum= 67

Sum= 4189

Count= 100

The formula for 95% confidence interval for mean is,

(Mean-Z*Standard Error, Mean+Z*Standard Error)

where Z is the critical value at 5% significance level

The critical value at 5% significance level is 1.96.

Substituting the values in the given formula we get,

(41.89-1.96*0.84, 41.89+1.96*0.89)

=>(40.2436, 43.5364) is the required 95% confidence interval for the true mean of sales.

This means that we are 95% sure that the true average(or mean) of sales lies in the interval 40.2436 and 43.5364.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Interpret the mean, median and mode and standard deviation for each variable according to the statistics....
Interpret the mean, median and mode and standard deviation for each variable according to the statistics. Statistics Advertising Sales N Valid 36 36 Missing 0 0 Mean 24.25    28 28.5278 Median 24.25 23.0000 Mode 15.50a 21.00 Std. Deviation 6.18142 18.77763 Variance 38.210 352.599 Skewness .044 .488 Std. Error of Skewness .393 .393 Kurtosis -.618     -.715 Std. Error of Kurtosis .768 .768 Minimum 12.00 1.00 Maximum 36.50 65.00 a. Multiple modes exist. The smallest value is shown
descriptive statistics for the closing stock prices of two companies for several trading periods are shown...
descriptive statistics for the closing stock prices of two companies for several trading periods are shown below. baba inc, mean ,4.04 standard error, 0.11 median, 4.07 mode, 3.59 mean ,4.04 standard error, 0.11 median, 4.07 mode, 3.59 standard deviation 1.13 sample variance 1.28 kurtosis -1.10 skewness 0.04 range 3.98 minimum 2.00 maximum 5.98 sum 416.05 count 103 maman inc. mean 16.41 standard error 0.22 median 16.83 mode 16.59 standard deviation 2.34 sample variance 5.48 kurtosis 9.10 skewness -2.85 range 12.57...
We would like to investigate whether that is a difference in variance in age between the...
We would like to investigate whether that is a difference in variance in age between the boys soccer team and the girls soccer team. I have collected a sample of 10 boys and 10 girls and input the data in excel. The following are the descriptive statistics. boys      girls                 Mean   8.6   Mean   8.3 Standard Error   0.4   Standard Error   0.2134375 Median   9   Median   8 Mode   9   Mode   8 Standard Deviation   1.264911064   Standard Deviation   0.6749486 Sample Variance  ...
Data was collected on the gas mileage (miles per gallon = MPG) for a select group...
Data was collected on the gas mileage (miles per gallon = MPG) for a select group of 11 SUVs; see the Excel descriptive statistics file below. After Constance viewed this data, she said "This data is very symmetrical." Clearly state why you do or why you don't agree with Constance's statement. Constance continues... "I'm a little confused though. Since a symmetrical data set should follow the empirical rule, why doesn't the variance of 61.6 divided by the mean of 26...
120 119 115 104 105 131 122 118 123 125 107 107 129 105 150 107...
120 119 115 104 105 131 122 118 123 125 107 107 129 105 150 107 Find the blow Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Count Lower outer fence Lower inner fence Quartile 1 Quartile 2 Quartile 3 Upper inner fence Upper outer fence Give any outliers found in this data
There are decrpitive statistics based on 91 countires. Describle and compare following two data sets (distribution/shape,...
There are decrpitive statistics based on 91 countires. Describle and compare following two data sets (distribution/shape, central tendecies, variability, potential outliers etc). In case of need compute additional statistics. Birth rate GDP Mean 29.46 5741.253 Standard error 1.436 848.448 Median 29 1690 Mode 13.6 600 Standard deviation 13.699 8093.68 Sample Variance 187.666 65507653.6 Kurtosis -1.468 1.375 Skewness 0.062 1.567 Range 42.5 33984 Minimum 9.7 80 Maximum 52.2 34064 Sum 2680.9 522454 Count 91 91
A random sample of data was obtained          47 95 54 79 64 40 80 57 90...
A random sample of data was obtained          47 95 54 79 64 40 80 57 90 80 80 67 13 49 40 44 79 80 48 16 68 70 15 21 52 60 78 102 40 50 29 35 28 what is the sample size, mean, median, standard deviation, variance, range, minimum, mode, Q1, median, Q3, IQR and maximum?
A random sample of data was obtained 47 95 54 79 64 40 80 57 90...
A random sample of data was obtained 47 95 54 79 64 40 80 57 90 80 80 67 13 49 40 44 79 80 48 1668 70 15 21 52 60 78 102 40 50 29 35 28 What is the sample size, mean, median, standard deviation, variance, range, minimum, mode, Q1, median, Q3, IQR and maximum?
Number -5 6 8 -2 6 9 8 2 1 6 2 1 Find the following...
Number -5 6 8 -2 6 9 8 2 1 6 2 1 Find the following : Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Count Confidence Level(95.0%) Give three decimals for all answers. Please make sure that the meaning of three decimals is the same as this formate(111.xxx). Example: suppose you got the answer like 111.98764, the answer using just 3 decimals is the same this formating (111.988).
34. The following data show the number of hours per day 12 STAT 3309 students spent...
34. The following data show the number of hours per day 12 STAT 3309 students spent in front of screens watching​television-related content. Use the printout below to answer the following​ question: HOURS 1.2 Mean 4.666666667 4.8 Standard Error 0.695802712 4.1 Median 4.75 4.7 Mode ​#N/A 7.9 Standard Deviation 2.410331299 7.5 Sample Variance 5.80969697 5.1 Kurtosis ​-1.182783193 2.3 Skewness 0.141232566 5.8 Range 7.1 1.9 Minimum 1.2 2.4 Maximum 8.3 8.3 Sum 56 Count 12 Confidence​ Level(95.0%) 1.531451444 What is the​ 95%...