1. Assume that data contained in the BUSI1013-Numerical Data A.xls file is from a simple random sample of customers of a Canadian retailer. Use this data to answer the following: ( 4 points ) a. Develop a point estimate of the mean number of transactions for the retailer. Point estimate of the mean number of transaction for the retailer is samplemean.Since E sample mean)=Populaion mean Mean number of transaction for the retailer = x = 1298/30 = 43.26667 b. Develop a point estimate of the population standard deviation of the number of transactions. The point estimate of the population standard deviation of the number of transactions is 13.33374 2. The average waiting time for customers at a fast food restaurant is 3.4 minutes. The population standard deviation is 2.5 minutes. ( 6 points ) a. Assume that the waiting time of customers at this restaurant follow a normal distribution, what is the probability that a simple random sample of 50 customers will have a sample waiting time of less than 3 minutes? E = 0.284 P = 0.0392 b. Do we need to make any assumption about the distribution of waiting times for the calculation in Part a? Why or why not? No. The sample is taken random and the population distribution is normal and the population standard deviation is known. So the sample mean follows normal distribution. c. What is the probability that a simple random sample of 100 customers will have a sample waiting time of less than 3 minutes?
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