Question

For the past 50 days, daily sales of a specialty product in a large grocery store have been recorded:Units Sold Number of Times10 820 1830 1040 850 61.What is the average number of units sold?2.What is the standard deviation?3.What is a 68.26% confidence interval? Please interpret.4.Suppose that the following random numbers were obtained:.86 .23 .73 .40 .95 Use these random numbers to simulate 5 days of sales.a.What is the average number of units sold?b.Can we conclude that the sales are random? Discuss.

Answer 1

(A) what is the average number of units sold for 50 days: 820, 1830, 1040, 850, 6

(B) what is the standard deviation

(C) what is the average number of units sold for 5 days: 86, 23, 73, 40, 95

(D) can we conclude that the sales are random?

Step-by-step explanation:

(A)

(820×10) + (1830×10) + (1040×10) + (850×10) + (6×10) = 45,460

45,460÷50 = 909.2units

(B)

(909.2-820)^2 × 10 = total squared mean deviation of the first 10 sales or 10days - sales of 820 per day

Doing same for the other 4 values, the total of squared mean deviation for the 5 days is

16922128÷50 = 338442.56 = Variance of the set of sales values

Standard Deviation is the square root of Variance so it is 581.758

(C) Mean of random units sold in 5 days: 317÷5 = 63.4

(D) for 50 days, mean sale was 909.2 units

For 5 days, random mean sale was 63.4

50÷5=10

909.2÷63.4=14.34

Yes, we can conclude that the sales are random