Question

Q 1a. Suppose you want to estimate the sales per customer for the next holiday season. Based on past seasons, the population standard deviation is $60. Based on a survey sample of 36 people, you estimate this season each customer will spend an average of $900. At 95% confidence, what is the margin of error? Do not include a dollar sign ($) in your answer. Round your answer to the nearest decimal place.

1b. To one decimal place, what is the upper bound of your confidence interval from question 1? Do not include a dollar sign in your answer.

1c. To one decimal place, what is the lower bound of your confidence interval from question 1? Do not include a dollar sign in your answer.

Q 2a. Same as before: the population standard deviation is $60, survey sample of 36 people, and each customer will spend an average of $900. But now you want the margin of error at 99.9% confidence. What is it to two decimal places? Do not include a dollar sign ($) in your answer.

2b. To one decimal place, what is the upper bound of your confidence interval from question 4? Do not include a dollar sign in your answer.

2c. To one decimal place, what is the lower bound of your confidence interval from question 4? Do not include a dollar sign in your answer.

Answer 1