Question

Column 1 Mean: 53.3328 Standard Error: 2.144814 Median: 48.465 Mode: #N/A Standard Deviation: 21.44814 Sample Variance: 460.0228 Kurtosis: -1.24889 Skewness: 0.358266 Range: 71.99 Minimum: 22.18 Maximum: 94.17 Sum: 5333.28 Count: 100 Confidence Level (95.0%): 4.255777 95% Margin of Error Lower Limit (95%): 49.07702 Upper Limit (95%): 57.58858 1. Using the data, the conditions for creating a confidence interval for a single mean is not met because the sample size is too small. True or False? 2. Based on your work, fill in the following blanks with values rounded to the nearest hundredths. With 95% confidence, the true average sales (in $1000) for such stores is between $49.08 and $57.59. 3. Select the best answer. a) There is a 95% chance that the population average sales is 53 thousand dollars. b) It is plausible that the true average sales is 44 thousand dollars because that value is in the confidence interval. c) I am 95% confident that the average sales of the sample is between $49 and $58. d) It is not plausible that the true average sales is 60 thousand dollars because that value is outside the 95% confidence interval.

Name: column1 mean 533328 standard error 2144814 median 48465 mode na standard deviation 2144814 sample variance 4600228 kurtosis 124889 skewness 0358266 range 7199 minimum 2218 maximum 9417 sum 5 38247
Uploaded: 2023-06-01T19:19:01-08:00
Duration: 1 min 18 s
Channel: Numerade
Description: column1 mean 533328 standard error 2144814 median 48465 mode na standard deviation 2144814 sample variance 4600228 kurtosis 124889 skewness 0358266 range 7199 minimum 2218 maximum 9417 sum 5 38247

          Column 1
Mean: 53.3328
Standard Error: 2.144814
Median: 48.465
Mode: #N/A
Standard Deviation: 21.44814
Sample Variance: 460.0228
Kurtosis: -1.24889
Skewness: 0.358266
Range: 71.99
Minimum: 22.18
Maximum: 94.17
Sum: 5333.28
Count: 100
Confidence Level (95.0%): 4.255777
95% Margin of Error
Lower Limit (95%): 49.07702
Upper Limit (95%): 57.58858

1. Using the data, the conditions for creating a confidence interval for a single mean is not met because the sample size is too small.
True or False?

2. Based on your work, fill in the following blanks with values rounded to the nearest hundredths.
With 95% confidence, the true average sales (in $1000) for such stores is between $49.08 and $57.59.

3. Select the best answer.
a) There is a 95% chance that the population average sales is 53 thousand dollars.
b) It is plausible that the true average sales is 44 thousand dollars because that value is in the confidence interval.
c) I am 95% confident that the average sales of the sample is between $49 and $58.
d) It is not plausible that the true average sales is 60 thousand dollars because that value is outside the 95% confidence interval.

Added by April J.

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