Suppose a study of 196 randomly sampled privately insured adults with incomes more than 200% of the
Question:
a. Based on the sample data, construct a 95% confidence interval estimate for the mean annual out-of-pocket expenditures on prescription drugs for this income class. Interpret this interval.
b. The study’s authors hope to use the information to make recommendations concerning insurance reimbursement guidelines and patient copayment recommendations. If the margin of error calculated in part a is considered to be too large for this purpose, what options are available to the study’s authors?
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Related Book For
Business Statistics A Decision Making Approach
ISBN: 9780133021844
9th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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