Estimate averages sales volume for new menu item, Basic Statistics

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Estimate averages sales volume for new menu item

Suppose a fast-food wishes to estimate averages sales volume for a new menu item. The restaurant has analyzed the sales of the item at a similar outlet and observed the following results:

Mean= 500 (mean daily sales)

S= 100 (STANDARD DEVIATION OF SAMPLE)

N=25 (sample size)

The restaurant manager wants to know into what range the mean daily sales should fall 99% of the time. Perform the calculation. (Respond in detail)

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Basic Statistics: Estimate averages sales volume for new menu item

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Basic Statistics: Estimate averages sales volume for new menu item

Reference No:- TGS0841057

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Recent Questions Asked Basic Statistics

Q : How much extra charge flows to the positive plate

Q : Determine the concentration of the species present

Q : Determine the average number of cans of cat food

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Q : Estimate averages sales volume for new menu item

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Q : How many moles of hcl are required to change the ph

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Request for Solution File

Ask an Expert for Answer!!

Basic Statistics: Estimate averages sales volume for new menu item

Reference No:- TGS0841057

Recent Questions Asked Basic Statistics

Q : How much extra charge flows to the positive plate

Q : Determine the concentration of the species present

Q : Determine the average number of cans of cat food

Q : Determine the astronauts tangential acceleration

Q : Estimate averages sales volume for new menu item

Q : Find length of wind tunnel model if test speed is given

Q : How many moles of hcl are required to change the ph

Q : Problem on variable capacitor with negligible resistance

Q : Mpg for a selected mid-size car

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