A market researcher plans to sample sales receipts at a natural food store to estimate the average size (in dollars) of a customer purchase. Previous analysis suggests that the standard deviation of the purchase amount is approximately $25. In order to calculate a 95% confidence interval of total width less than $5, how many sales records should the researcher include in her sample? 97, 385, or 271?
A market researcher plans to sample sales receipts at a natural food store to estimate the average size (in dollars) of a customer purchase. Previous analysis suggests that the standard deviation of the purchase amount is approximately $25. In order to calculate a 95% confidence interval of total width less than $5, 385 sales records should the researcher include in her sample.
Asked 12/9/2016 7:51:01 PM
Updated 3/18/2023 12:17:48 AM
1 Answer/Comment