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Author Question: Suppose the manager of a large high-end jewelry store wants to estimate the amount spent by ... (Read 150 times)

swpotter12

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Question 1

Calculate the mean, median, and geometric mean for the following numbers: 710, 27,000, 1400, and 260. Round to the nearest tenth.

Question 2

Suppose the manager of a large high-end jewelry store wants to estimate the amount spent by customers during the holiday season. She took a random sample of customers and recorded the amount they spent. A histogram of the data shows that the data is strongly left-skewed. The figures below show the confidence intervals for the mean amount spent using (A) raw (untransformed) data, and (B) log-transformed data, which showed a more normally distributed data set. Use this information to answer the question.


Calculate the width of both intervals (note that you will need to convert the log-transformed interval back into dollars). Which interval is narrower?
◦ Width of interval for untransformed data: 111.2; width of interval for transformed data: 204.6. The width of the interval for the untransformed data is narrower.
◦ Width of interval for untransformed data: 55.6; width of interval for transformed data: 111.2. The width of the interval for the log transformed data is narrower.
◦ Width of interval for untransformed data: 111.2; width of interval for transformed data: 92.7. The width of the interval for the log transformed data is narrower.
◦ Cannot be determined with the given information


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Marked as best answer by swpotter12 on Apr 14, 2020

mirabriestensky

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swpotter12

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Reply 2 on: Apr 14, 2020
Great answer, keep it coming :)


billybob123

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Reply 3 on: Yesterday
Excellent

 

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