Question

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 o z3.9 thousand dollars. 4.4 6.1 3.6 9.0 8.3 5.5 8.9 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 (a) Use a calculator or appropriate computer software to find for the preceding data. (Round your answer to two decimal places.) thousand dollars per employee (b) Let us say that the preceding data are representative of the entire sector of retail sales companies. Find an 80% confidence interval for u, the average annual profit per employee for retail sales. (Round your answers to two decimal places.) lower limit thousand dollars upper limit thousand dollars

and D.

(e) Find an 95% confidence interval for μ, the average annual profit per employee for retail sales. (Round your answers to two decimal places.)

lower limit _______	thousand dollars
upper limit _______	thousand dollars

Answer 1

Solution

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A B C E F G Н Standard deviation (o) thousand dollars 2 3.9 given: 3 X Mean (x) -6.0 15.0 a) thousand dollars 4 4.4 8.1 5.06 6.1 -1.9 1.5 4.1 b) confidence level (c) 6 3.6 11.9 2.9 3.7 35 n 7 9.0 8.2 4.8 5.1 80 for 80% confidence level 1.282 8.3 6.4 -1.7 4.2 thousand dollars lower limit 9 5.5 4.7 9.4 4.21 thousand dollars 10 8.9 5.5 5.5 5.90 lupper limit 11 5.5 4.8 5.8 e) confidence level (c) 12 2.6 3.0 4.7 35 13 2.9 4.3 6.2 95 for 95% confidence level 14 1.960 lower limit 3.77 thousand dollars 15 thousand dollars 16 6.35 lupper limit LnO0o Ln CO O Ln LO LO