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How do i find the point estimate for this random sample in excel and 95% confidence interval for a sample of 30 and how to redo it with n=20?
Let us conduct a study of daily sales on candy bars.
The data are contained in the “Dataset1.xlsx” under folder “Dataset” on the ELMS.
Those are the sales information of a restaurant from the past 200 days.
Please follow the instructions below and answer questions accordingly.
Randomly generate a sample with size equal to 30. (Show your work and steps. Make sure that we can reduplicate your result).
Compute your point estimators and compare with the population parameters. Use 95% confidence interval technique and explain your findings.
Randomly generate another sample with size equal to 20. (Show your work and steps. Make sure that we can reduplicate your result).
Compute your new point estimators and compare with the population parameters. Use 95% confidence interval technique and explain your findings.
Compare the two confidence intervals you derived. What do you see? Why?
can someone please explain each step on how to do this. I'm following the slides but it stops making sense after i put in the formula for a random number. Im not sure how to find my point estimate or confidence interval.
