Question
A market research firm supplies manufacturers with estimates of the retail sales of their products from...
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. An SRS of 3131 stores this year shows mean sales of
6363 units of a small appliance, with a standard deviation of
9.29.2 units. During the same point in time last year, an SRS of
1313 stores had mean sales of 73.39673.396 units, with standard
deviation 4.54.5 units. A decrease from 73.39673.396 to 6363 is a
drop of about 17%.
1. Construct a 95% confidence interval estimate of the difference
μ1−μ2μ1−μ2, where μ1μ1 is the mean of this year's sales and μ2μ2 is
the mean of last year's sales.
(a) <(μ1−μ2)<<(μ1−μ2)<
(b) The margin of error is
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