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Author Question: A major retail clothing store is interested in estimating the difference in mean monthly purchases ... (Read 314 times)

arivle123

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on: Jun 24, 2018
A major retail clothing store is interested in estimating the difference in mean monthly purchases by customers who use the store's in-house credit card versus using a Visa, Mastercard, or one of the other major credit cards.
 
  To do this, it has randomly selected a sample of customers who have made one or more purchases with each of the types of credit cards. The following represents the results of the sampling: In-House Credit Card National Credit CardSample Size: 86 113Mean Monthly Purchases: 45.67 39.87Standard Deviation: 10.90 12.47Based on these sample data, what is the lower limit for the 95 percent confidence interval estimate for the difference between population means?A) About 5.28
  B) Approximately 4.85
  C) Approximately 2.54
  D) Approximately 3.41

Question 2

Briefly explain the seasonal additive model used in forecasting.
 
  What will be an ideal response?
Statistics, Data Analysis, and Decision Modeling ¦ Evans ¦ 5th Edition
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jharrington11

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Reply #1 on: Jun 24, 2018
Answer to Question 1

C

Answer to Question 2

The seasonal additive model is:
Ft + k = at + St - s + k
St - s + k is the seasonal factor for period t - s + k and s is the number of periods in a season. A season can be a year, quarter, month, or even a week, depending on the application.


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