Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1) A pharmacy restructures its fees in order to charge patients a smaller co-pay on prescription drugs. It is known from previous data that the

1)

image text in transcribedimage text in transcribedimage text in transcribed
A pharmacy restructures its fees in order to charge patients a smaller co-pay on prescription drugs. It is known from previous data that the population mean prescription co-pay was $19.50 and the population standard deviation was $12.75. After the new program is implemented, the average prescription co-pay for a sample of 55 patients was $15.25. Calculate the margin of error and construct the 90% confidence interval for the new population mean, assuming that the population standard deviation remains unchanged. Does the result seem to support the pharmacy's claim that the new program has reduced the average prescription co-pay? Standard Normal Distribution Table E: Round to 3 Signicant digits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Dynamical Systems With Applications Using MATLABĀ®

Authors: Stephen Lynch

2nd Edition

3319068202, 9783319068206

More Books

Students also viewed these Mathematics questions

Question

=+ What scenarios could draw the audience in?

Answered: 1 week ago

Question

=+ What graphics could stop the viewer?

Answered: 1 week ago