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According to the National Retail Federation (NRF), the NRF 2005 Halloween Consumer Intentions and Actions Survey, conducted by BIGresearch, found that consumer spending ($3.29 billion) for 2005 was expected to be 5.4% above the amount for 2004. Much of the increase in spending was expected to come from young adults. Consumers in the 18-24 age group expected to spend an overall average of $50.75. On costumes alone they expect to spend an average of $22.00. A file entitled Costumes contains similar data.
a. Calculate the mean and standard deviation of these data.
b. Determine the following intervals for this data set:
x 1s, x 2s, x 3s.
c. Suppose your responsibility as an assistant manager was to determine the price of costumes to be sold. The manager has informed you to set the price of one costume so that it was beyond the budget of only 2.5% of the customers. Assume that the data set has a bell-shaped distribution.
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