Jobs and productivity! How do retail stores rate? One way to answer this question is to examine annual profits per employee. The following data give annual profits per employee (in units of 1 thousand dollars per employee) for companies in retail sales. Assume σ ≈ 3.9 thousand dollars.
4.3

6.6

3.6

8.8

7.5

5.3

8.4

5.5

2.6

2.9

8.1

−1.9

11.9

8.2

6.4

4.7

5.5

4.8

3.0

4.3

−6.0

1.5

2.9

4.8

−1.7

9.4

5.5

5.8

4.7

6.2

15.0

4.1

3.7

5.1

4.2

lower limit  thousand dollars 
upper limit  thousand dollars 
lower limit  thousand dollars 
upper limit  thousand dollars 
(a)
Using the provided data, the sample mean can be calculated using Excel function “AVERAGE()”.
(b)
The 80% confidence interval for the average annual profit per employee for retail sales can be found as follows:
(c)
The annual profit of 3 thousand dollars per employee is less than the lower limit of the 80% confidence interval calculated in part (b). So, the correct option is, ‘Yes. This confidence interval suggests that the profits per employee are less than those of other retail stores’.
(d)
The annual profi...
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