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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
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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 digitsStep by Step Solution
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