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Ebook Essentials of statistics for business and economics (5th edition): Part 2

(BQ) Part 2 book "Essentials of statistics for business and economics" has contents: Interval estimation, hypothesis tests, simple linear regression, multiple regression, comparisons involving proportions and a test of independence,.and other contents. | CHAPTER Interval Estimation CONTENTS Practical Advice Using a Small Sample Summary of Interval Estimation Procedures STATISTICS IN PRACTICE: FOOD LION 8.1 8.2 POPULATION MEAN: σ KNOWN Margin of Error and the Interval Estimate Practical Advice 8.3 DETERMINING THE SAMPLE SIZE 8.4 POPULATION PROPORTION Determining the Sample Size POPULATION MEAN: σ UNKNOWN Margin of Error and the Interval Estimate . 8 294 STATISTICS Chapter 8 Interval Estimation in PRACTICE FOOD LION* SALISBURY, NORTH CAROLINA Founded in 1957 as Food Town, Food Lion is one of the largest supermarket chains in the United States, with 1200 stores in 11 Southeastern and Mid-Atlantic states. The company sells more than 24,000 different products and offers nationally and regionally advertised brandname merchandise, as well as a growing number of highquality private label products manufactured especially for Food Lion. The company maintains its low price leadership and quality assurance through operating efficiencies such as standard store formats, innovative warehouse design, energy-efficient facilities, and data synchronization with suppliers. Food Lion looks to a future of continued innovation, growth, price leadership, and service to its customers. Being in an inventory-intense business, Food Lion made the decision to adopt the LIFO (last-in, first-out) method of inventory valuation. This method matches current costs against current revenues, which minimizes the effect of radical price changes on profit and loss results. In addition, the LIFO method reduces net income, thereby reducing income taxes during periods of inflation. Food Lion establishes a LIFO index for each of seven inventory pools: Grocery, Paper/Household, Pet Supplies, Health & Beauty Aids, Dairy, Cigarette/Tobacco, and Beer/Wine. For example, a LIFO index of 1.008 for the Grocery pool would indicate that the company’s grocery inventory value at current costs reflects a 0.8% increase due to inflation over the most .