Prompt : The owners of a small mail order business want to estimate their averag

Question

Prompt: The owners of a small mail order business want to estimate their average annual sales. They randomly select 100 sales from their first quarter to analyze. For the samples, the average amount spent was $235.12 with a standard error of $12.41.

Response Parameters

1: What conditions, or assumptions, should be verified before using the sample values to estimate the population mean?

2: If these conditions are satisfied, what is the probability that you would get a sample with a sample mean of $230.00 or less?

3: If they expect to have 50,000 sales this year, what is their expected value of the total sales for the year?

4: What do the following two values represent, in terms of the sampling distribution?

5: What do these values mean in terms of the expected total sales for the year?

Explanation / Answer

a)We should first check the underlying distribution of the saple.If the sample we are testing shoul come from the population from normal distribution. b)To find P(X

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