Answer :
Final answer:
To estimate the average weekly sales of the new footwear with a desired precision and confidence level, follow these steps: determine the desired level of confidence, collect a sample of weekly sales data, calculate the sample mean and standard deviation, determine the critical value, calculate the margin of error, construct the confidence interval, and interpret the interval.
Explanation:
Estimating Average Weekly Sales with Confidence
When estimating the average weekly sales with a desired level of confidence, we can use a confidence interval. A confidence interval is a range of values within which we expect the true population parameter to fall.
Steps to Estimate Average Weekly Sales:
By following these steps, we can estimate the average weekly sales of the new footwear with the desired precision and confidence level.
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