(a) Consider a random sample of n = 40 customers, each of whom has 10 minutes of unplanned shopping time in a supermarket. From the central limit theorem, what can you say about the probability distribution of x, the average amount spent by these customers due to impulse buying? What are the mean and standard deviation of the x distribution?
The sampling distribution of x is not normal.
The sampling distribution of x is approximately normal with mean μx = 27 and standard error σx = $8.
The sampling distribution of x is approximately normal with mean μx = 27 and standard error σx = $0.20.
The sampling distribution of x is approximately normal with mean μx = 27 and standard error σx = $1.26.
Is it necessary to make any assumption about the x distribution? Explain your answer.
It is not necessary to make any assumption about the x distribution because μ is large.
It is necessary to assume that x has an approximately normal distribution.
It is necessary to assume that x has a large distribution.
It is not necessary to make any assumption about the x distribution because n is large.
(b) What is the probability that x is between $24 and $30? (Round your answer to four decimal places.)
(c) Let us assume that x has a distribution that is approximately normal. What is the probability that x is between $24 and $30? (Round your answer to four decimal places.)
(d) In part (b), we used x, the average amount spent, computed for 40 customers. In part (c), we used x, the amount spent by only one customer. The answers to parts (b) and (c) are very different. Why would this happen?
The standard deviation is smaller for the x distribution than it is for the x distribution.
The sample size is smaller for the x distribution than it is for the x distribution.
The standard deviation is larger for the x distribution than it is for the x distribution.
The mean is larger for the x distribution than it is for the x distribution.
The x distribution is approximately normal while the x distribution is not normal.
In this example, x is a much more predictable or reliable statistic than x. Consider that almost all marketing strategies and sales pitches are designed for the average customer and not the individual customer. How does the central limit theorem tell us that the average customer is much more predictable than the individual customer?
The central limit theorem tells us that small sample sizes have small standard deviations on average. Thus, the average customer is more predictable than the individual customer.
The central limit theorem tells us that the standard deviation of the sample mean is much smaller than the population standard deviation. Thus, the average customer is more predictable than the individual customer.
Get Statistics homework help today
Why Choose Us
At Myhomeworkwriters.com, we always aim at 100% customer satisfaction. As such, we never compromise o the quality of our homework services. Our homework helpers ensure that they craft each paper carefully to match the requirements of the instruction form.
Professional Academic Writers
With Myhomeworkwriters.com, every student is guaranteed high-quality, professionally written papers. We ensure that we hire individuals with high academic qualifications who can maintain our quality policy. These writers undergo further training to sharpen their writing skills, making them more competent in writing academic papers.
Our company maintains a fair pricing system for all academic writing services to ensure affordability. Our pricing system generates quotations based on the properties of individual papers.
My Homework Writers guarantees all students of swift delivery of papers. We understand that time is an essential factor in the academic world. Therefore, we ensure that we deliver the paper on or before the agreed date to give students ample time for reviewing.
Myhomeworkwriters.com maintains a zero-plagiarism policy in all papers. As such, My Homework Writers professional academic writers ensure that they use the students’ instructions to deliver plagiarism-free papers. We are very keen on avoiding any chance of similarities with previous papers.
Customer Support 24/7
Our customer support works around the clock to provide students with assistance or guidance at any time of the day. Students can always communicate with us through our live chat system or our email and receive instant responses. Feel free to contact us via the Chat window or support email: email@example.com.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Our Homework Writing Services
My Homework Writers holds a reputation for being a platform that provides high-quality homework writing services. All you need to do is provide us with all the necessary requirements of the paper and wait for quality results.
At My Homework Writers, we have highly qualified academic gurus who will offer great assistance towards completing your essays. Our homework writing service providers are well-versed with all the aspects of developing high-quality and relevant essays.
Admission and Business Papers
With Myhomeworkwriters.com, we will help you secure a position at your desired institution. Our essay writing services include the crafting of admissions papers. We will still help you climb your career ladder by helping you write the official papers that will help you secure a job. We will guide you on how to write an outstanding portfolio or resume.
Editing and Proofreading
Myhomeworkwriters.com has a professional editorial team that will help you organize your paper, paraphrase it, and eliminate any possible mistakes. Also, we will help you check on plagiarism to ensure that your final paper posses quality and originality.
My Homework Writers harbors professional academic writers from diverse academic disciplines. As such, we can develop homework writing services in all academic areas. The simplicity or complexity of the paper does not affect the quality of homework writing services.