Unit06Exercise.docx - Unit 6 Exercises 1 2 Assume that data contained in the BUSI1013-Numerical Data A file is from a simple random sample of customers

# Unit06Exercise.docx - Unit 6 Exercises 1 2 Assume that data...

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Unit 6 Exercises 1.Assume that data contained in the BUSI1013-Numerical Data A.xlsfile 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. b.Develop a point estimate of the population standard deviation of the number of transactions. 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? b.Do we need to make any assumption about the distribution of waiting times for the calculation in Part a? Why or why not?  #### You've reached the end of your free preview.

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