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Answer :
Final answer:
The company is gathering data on sales of their new athletic footwear. This business-related question involves using inferential statistics and confidence intervals to estimate the average weekly sales to within an allowable error with a high level of certainty.
Explanation:
The question involves a scenario in business statistics, in which a company is looking to predict the overall weekly sales of their new line of athletic footwear. In order to do this with a high level of certainty (99%), they wish to estimate the mean weekly sales with an allowable error of $150.
Available data can likely be analyzed using techniques from inferential statistics, specifically in the form of confidence intervals around the mean.
Confidence interval calculations often involve the sample mean, the sample standard deviation, and the sample size, together with a Z value from the standard normal distribution corresponding to the desired level of confidence (which is 99% in this case).
A larger sample size or a smaller standard deviation will reduce the width of the confidence interval, helping to predict average weekly sales with less uncertainty.
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The complete question is: 12) Sales of a new line of athletic footwear are crucial to the success of a newly formed company. The company wishes to estimate the average weekly sales of the new footwear to within $150 with 99% r is:
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