Suppose that a jewelry store tracked the amount of emeralds they sold each week to more accurately estimate how many emeralds to keep in stock. At the end of one year, the store used the weekly sales information to construct a 95% confidence interval for the mean number of emeralds sold per week. The confidence interval they calculated was (3.25,4.51). Use the confidence interval to find the point estimate for the mean and the margin of error. Give your answers precise to two decimal places.
Suppose that a jewelry store tracked the amount of emeralds they sold each week to more accurately estimate how many emeralds to keep in stock. At the end of one year, the store used the weekly sales information to construct a 95% confidence interval for the mean number of emeralds sold per week. The confidence interval they calculated was (3.25,4.51). Use the confidence interval to find the point estimate for the mean and the margin of error. Give your answers precise to two decimal places.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Suppose that a jewelry store tracked the amount of emeralds they sold each week to more accurately estimate how many emeralds to keep in stock. At the end of one year, the store used the weekly sales information to construct a 95% confidence interval for the mean number of emeralds sold per week. The confidence interval they calculated was (3.25,4.51).
Use the confidence interval to find the point estimate for the mean and the margin of error. Give your answers precise to two decimal places.
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