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Scenario: A study was done that found the average amount of…
Scenаriо: A study wаs dоne thаt fоund the average amount of money spent by all individuals on Black Friday is $362. Assume this distribution is skewed with a population standard deviation of $63. Suppose you were conducting a study on Black Friday shopping and as a part of that study you randomly sampled 81 shoppers on Black Friday. You are interested in determining how much money those randomly sampled individuals spent on average. Use this information to answer the following questions. Would you be able to use the Central Limit Theorem for this scenario? What would the mean of the sampling distribution of the sample mean be for this scenario? What would the standard deviation of the sampling distribution of the sample mean be for this scenario