Question
A consumer advocacy group is concerned about the variability in the cost of prescription medication. The group surveys eight local pharmacies and obtains the following
A consumer advocacy group is concerned about the variability in the cost of prescription medication. The group surveys eight local pharmacies and obtains the following prices (in $) for a particular brand of medication: (You may find it useful to reference the appropriate table: chi-square table or F table)
34.00 | 30.50 | 21.50 | 28.50 | 23.00 | 23.00 | 22.00 | 32.50 |
The group assumes that the above prices represent a random sample drawn from a normally distributed population. Construct the 99% interval estimate for the population variance. (Round intermediate calculations to at least 4 decimal places and final answers to 2 decimal places.)
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