13 1.7 9.45.5 5.8 4.7 6.2 15.0 4.1 3.7 5.1 4.2 (a) Use a ator or appropriate com

Question

13 1.7 9.45.5 5.8 4.7 6.2 15.0 4.1 3.7 5.1 4.2 (a) Use a ator or appropriate computer software to find i for the preceding data. (Round your arower to two dec per employee (Round your answers upper limit (c) Let us say that you are the manager of a retail store with a large number of employees, Suppose the annual profits are less than 3 thousand dollars per employe. Do you thisk this might be low thousand dollars thousand dollars compared with other retail stores? Expain by referring to the confidence interval you computed in part (b) O Yes. This interval suggests that the profits per employee are less than those of other retail stores. O No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores. (d) Suppose the annual profits are more than 6.5 thousand dollars per employee. As store manager, would you feel somewhat better? Explain by referring to the confidence interval you comouted in part (b). Yes. This confidence interval suggests that the profits per employee are greater than those of ether retal stores. O No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores (e) Find an 95% confidence interval for , the average annual profit per employee for retail sales. (Round your answers to two decimal places.) lower limit thousand dollars thousand dollars upper imit Let us say that you are the manager of a retail store with a large number of employees. Suppose the annual profits are less than 3 thousand dollars per employee. Do you think this might be low compared with other retail stores? Explain by referring to the confidence interval you computed in part (b). Yes. This confidence interval suggests that the profits per employee are less than those of other retail stores. No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores

Explanation / Answer

a) from above sample mean =5.05

b) std error =std deviation/(n)1/2 =3.6/(35)1/2 =0.6085

for 80% CI ; critical value of z =1.2816

for lower limit =sample mean -z*std error =4.27

upper limit =sample mean -z*std error =5.83

c)Yes; this confidence interval............

d)

yes this confidence interval..........

e)

for 95% CI ; z=1.96

lower limit =sample mean -z*std error =3.86

upper limit =sample mean -z*std error =6.24

Yes the confidence interval suggest...........

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