Beltway Shoe Company sells luxury leather shoes in the United States. The compan
ID: 454357 • Letter: B
Question
Beltway Shoe Company sells luxury leather shoes in the United States. The company monitors its shoe sales by collecting randomly chosen data from store locations throughout the country. They record original price, sale price, and number of days it takes to sell each unit. Each pair of shoes is classified as “Eastern Region" if it is sold in the Eastern part of the United States, or as “Western Region" if it is sold in the Western part of the country. Randomly chosen samples provided sales data for 50 Western Region and 50 Eastern Region pairs of shoes. The complete data set is in the file named Shoes, linked at the bottom of the page.
Managerial Report
Prepare a report (see below) that summarizes your assessment of the nature of the shoe market in each region. Be sure to include the following seven (7) items in your report.
I need help with this section of the problem.
Develop a 90% confidence interval estimate of the population mean sales price and populationmean number of days to sell for pairs of Beltway Shoes in the Eastern Region. Interpret your results.
Western Region Eastern Region Original Price Sale Price Days to Sell Original Price Sale Price Days to Sell 82 60 20 148 139 33 140 123 26 103 89 59 80 70 16 112 100 189 89 50 72 81 61 145 135 120 18 136 100 91 146 143 109 112 89 66 80 80 79 121 100 81 125 100 130 83 60 65 70 60 100 99 80 100 81 52 96 93 65 15 103 95 14 98 70 34 118 100 33 106 100 102 136 100 101 109 99 45 101 50 55 102 89 166 140 75 69 96 96 50 73 42 120 103 40 56 135 99 90 84 60 102 89 40 40 96 50 71 144 60 130 125 75 45 109 45 23 136 100 80 145 100 106 103 103 33 81 50 133 82 60 25 136 70 62 149 100 23 110 88 74 92 88 45 137 137 101 111 100 77 132 50 96 148 70 100 75 42 98 98 68 65 71 62 189 102 82 34 109 89 122 109 100 144 130 119 108 137 137 2 108 89 19 85 65 34 146 100 125 94 84 45 98 80 15 141 141 100 82 50 7 131 120 8 79 79 1 130 120 10 138 99 17 107 80 45 95 79 23 113 80 120 136 129 30 142 100 100 74 34 17 105 60 36 139 100 25 140 70 75 143 89 120 83 43 69 120 109 35 97 90 45 75 75 25 95 90 38 136 69 15 129 99 56 124 100 75 93 60 71 132 69 25 118 100 34 91 79 33 89 80 55 80 50 49 73 60 67 54 54 100 79 60 78 68 58 75 103 70 114Explanation / Answer
(sum of squares of difference between sample and mean) divided by No. of samples
(sum of squares of difference between sample and mean) divided by No. of samples
For Eastern Region Days to Sell
For Eastern Region Sales Price. First we find mean and Standard Deviation of the samples. It would be easier to do in excel for finding mean and standard deviation Leave a comment if you need detailed explaination of calcualtion of mean and SD Using Excel, Sample Mean, X 84.84 Average of all sample values Sample SD, S 23.28(sum of squares of difference between sample and mean) divided by No. of samples
We calculate Standard Error of mean,SEM = S/sqrt(n) SEM = 23.28/sqrt(50) SEM = 3.292 For confidence interval of 90% we refer Normal Distribution Chart from where we note for 90%, Z - value = 1.645 The confidence interval is given by X-Z*SEM < X < X + Z*SEM X - Z*SEM => 84.84 - 1.645*3.292 = 79.42 X + Z*SEM => 84.84+ 1.645*3.292 = 90.26 For Eastern Region Sales Price. First we find mean and Standard Deviation of the samples. It would be easier to do in excel for finding mean and standard deviation Leave a comment if you need detailed explaination of calcualtion of mean and SD Using Excel, Sample Mean, X 84.84 Average of all sample values Sample SD, S 23.28(sum of squares of difference between sample and mean) divided by No. of samples
We calculate Standard Error of mean,SEM = S/sqrt(n) SEM = 23.28/sqrt(50) SEM = 3.292 For confidence interval of 90% we refer Normal Distribution Chart from where we note for 90%, Z - value = 1.645 The confidence interval is given by X-Z*SEM < X < X + Z*SEM X - Z*SEM => 84.84 - 1.645*3.292 = 79.42 X + Z*SEM => 84.84+ 1.645*3.292 = 90.26 90 % confidence interval = [79.42,90.26]For Eastern Region Days to Sell
First we find mean and Standard Deviation of the samples. It would be easier to do in excel for finding mean and standard deviation Leave a comment if you need detailed explaination of calcualtion of mean and SD Using Excel, Sample Mean, X 66.86 Sample SD, S 40.22 We calculate Standard Error of mean,SEM = S/sqrt(n) SEM = 40.22/sqrt(50) SEM = 5.688 For confidence interval of 90% we refer Normal Distribution Chart from where we note for 90%, Z - value = 1.645 The confidence interval is given by X-Z*SEM < X < X + Z*SEM X - Z*SEM => 66.86 - 1.645*5.688 = 57.5 X + Z*SEM => 66.86 + 1.645*5.688 = 76.22 90 % confidence interval = [57.5,76.22]Related Questions
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