To investigate the effect of price on toaster sales, a chain of department stores decided to raise the price of a certain brand of toaster in 20 randomly selected stores (Sample A) and to lower the price in 10 randomly selected stores (Sample B). Monthly revenue (number sales x sales price) from these toasters was recorded for each of the 30 stores. Results from the two samples are as follows: No. of stores Sample A Sample B Mean $842 $817 Std. Dev. $217 $202 20 10 If you considered these to be independent samples, what would be the pooled estimate of the standard deviation for revenue? Calculate a 95% confidence interval for the difference between (a) (b) the two means.

To investigate the effect of price on toaster sales, a chain of department stores decided to raise the price of a certain brand of toaster in 20 randomly selected stores (Sample A) and to lower the price in 10 randomly selected stores (Sample B). Monthly revenue (number sales x sales price) from these toasters was recorded for each of the 30 stores. Results from the two samples are as follows: No. of stores Sample A Sample B Mean $842 $817 Std. Dev. $217 $202 20 10 If you considered these to be independent samples, what would be the pooled estimate of the standard deviation for revenue? Calculate a 95% confidence interval for the difference between (a) (b) the two means.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section: Chapter Questions

Problem 13PT

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