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[solution] » From the MGT361 Lawn.xls file, select the variable family income

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From the MGT361 Lawn.xls file, select the variable family income
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  1. From the MGT361 Lawn.xls file, select the variable family income.
    1. Is the variable family income approximately normally distributed? Justify using two different methods.
    2. Find a point estimate and construct the 95% confidence interval for the population mean of family income.
    3. Write a statement to explain what the confidence interval you constructed in (b) means.
  2. From the MGT361Adradtv.xls file, select the variable sales ($000).
    1. Is the variable sales approximately normally distributed? Justify using two different methods, one of which must be the comparison of the cumulative percent frequencies with those expected from the normal distribution.
    2. Find a point estimate and construct the 95% confidence interval for the population mean of sales.
    3. Construct the 99% confidence interval for the population mean of sales.
    4. Compare the 95% and 99% confidence intervals you got in b) and c). How do they compare? What is the explanation for this difference? What are the advantages and disadvantages of each of these confidence intervals?

Sheet1

 


 

Radio/TV Newspaper

 

SALES

 

Advertising Advertising

 

($000)

 

($000)

 

($000)

 

973

 

0

 

40

 

1119

 

0

 

40

 

875

 

25

 

25

 

625

 

25

 

25

 

910

 

30

 

30

 

971

 

30

 

30

 

931

 

35

 

35

 

1177

 

35

 

35

 

882

 

40

 

25

 

982

 

40

 

25

 

1628

 

45

 

45

 

1577

 

45

 

45

 

1044

 

50

 

0

 

914

 

50

 

0

 

1329

 

55

 

25

 

1330

 

55

 

25

 

1405

 

60

 

30

 

1436

 

60

 

30

 

1521

 

65

 

35

 

1741

 

65

 

35

 

1866

 

70

 

40

 

1717

 

70

 

40

 


 

Page 1

 


 

 







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