Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dollars Spent Part a Formula 11 Mean 41.31 =AVERAGE(A:A) 69 25 Part b 66 Standard Deviation 23.23 =STDEV.S(A:A) 30 37 Part c 33 Degrees of

Dollars Spent Part a Formula
11 Mean 41.31 =AVERAGE(A:A)
69
25 Part b
66 Standard Deviation 23.23 =STDEV.S(A:A)
30
37 Part c
33 Degrees of Freedom 15 =COUNT(A:A)-1
43
53 Lower Limit Critical Chi-square 18.2451 =CHISQ.INV.RT(0.25,D8)
19 Upper Limit Critical Chi-square 6.2621 =CHISQ.INV.RT(0.975,D8)
13
97 The 95% confidence interval
43 C.I.Lower Limit 21.06 =SQRT(D8*D5^2/D10)
33 C.I.Upper Limit 35.95 =SQRT(D8*D5^2/D11)
63
26

Americans spend nearly $7 billion on Halloween costumes and decorations. Sample data showing the amount, in dollars, 16 adults spent on a Halloween costume are contained in the Excel Online file below. Construct a spreadsheet to answer the following questions.

a. What is the point estimate of the population mean amount adults spend on a Halloween costume (to 2 decimals)? $41.31

b. What is the sample standard deviation (to 2 decimals)? $23.23

c. Provide a 95% confidence interval estimate of the population standard deviation for the amount adults spend on a Halloween costume (to 2 decimals)?

$21.06 $35.95

It is telling me that $21.06 in the 95% confidence is wrong. Can you help me figure out what I did wrong?

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

Chaos, Noise And Fractals

Authors: E Roy Pike, L A Lugiato

1st Edition

1000112101, 9781000112108

More Books

Students also viewed these Mathematics questions

Question

What is involved in the posting process?

Answered: 1 week ago

Question

Explain the various methods of job evaluation

Answered: 1 week ago

Question

Differentiate Personnel Management and Human Resource Management

Answered: 1 week ago

Question

Describe the functions of Human resource management

Answered: 1 week ago

Question

4. Explain how to price managerial and professional jobs.

Answered: 1 week ago