Question

For a particular consumer product, the mean dollar sales per retail outlet last year in a sample of n1.

a. Calculate the standard deviation of sales.
b. Determine the median sales.
c. Estimate the population mean sales.
d. Conduct a hypothesis test on the sales data.

Answer 1

To calculate the sample standard deviation, use the formula sqrt(sum((xi - x)^2) / (n - 1)). The sample mean can be used to estimate the population mean. To conduct a hypothesis test on the sales data, formulate a null hypothesis, alternative hypothesis, select a significance level, choose a statistical test, and perform the test using the sample data.

Step-by-step explanation:

b. The sample standard deviation, denoted by s, can be calculated using the formula:

s = sqrt(sum((xi - x)^2) / (n - 1)), where xi is each value in the sample, x is the sample mean, and n is the sample size.

c. To estimate the population mean sales, the sample mean, denoted by x, can be used as an unbiased estimator. x is calculated by summing all the values in the sample and dividing by the sample size.

d. To conduct a hypothesis test on the sales data, one would need to formulate a null hypothesis, alternative hypothesis, choose a significance level, select an appropriate statistical test, and perform the test using the sample data.