In order to estimate the difference between the average daily sales of two branches of a department store, the following data has been gathered.
Downtown StoreNorth Mall StoreSample sizen1 = 23 daysn2 = 26 daysSample mean (in $1000)
= 37
= 34Sample standard deviation (in $1000)s1 = 4s2 = 5?
a.Determine the point estimate of the difference between the population means.b.Determine the degrees of freedom for an interval estimation.c.Compute the margin of error.d.Develop a 95% confidence interval for the difference between the two population means.
What will be an ideal response?
| a. | 3 |
| b. | 46 (rounded down from 46.56) |
| c. | 2.591 |
| d. | 3 ± 2.591 (In dollars, it will be from $409 to $5591.) |
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