The next day, Valentines Day, February 14th, the owner tries toimprove her sales technique pushing for orders of higher amounts.Again she attempts to write down a number of random sale amounts asthe day goes on. As she is so busy she manages to record only n=14sale prices among all flower sales that day. She calculated theaverage sale price of the 14 sales as 97.71 euro and calculatedthat they varied with a standard deviation of 15.73 euro.
Estimate the value of the population mean, µ, the true mean saleamount of all sales on February 14, by calculating a 95% confidenceinterval. Fill in the blanks in the following:
An estimate of the population mean is:____________
The standard error is .:__________
The distribution is (examples: normal / t12 / chisquare4 /F5,6). _________________
For a 95% confidence interval the distributional cut-off is (3dec places). ________________
It is quite likely that the true mean sale amount of all saleson February 14 is between ______________and __________ , with 95%confidence.
