Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For a study conducted by the research department of a pharmaceutical company, 280 randomly selected individuals were asked to report the amount of money

image text in transcribed

For a study conducted by the research department of a pharmaceutical company, 280 randomly selected individuals were asked to report the amount of money they spend annually on prescription allergy relief medication. The sample mean was found to be $17.70 with a standard deviation of $5.20. A random sample of 270 individuals was selected independently of the first sample. These individuals reported their annual spending on non-prescription allergy relief medication. The mean of the second sample was found to be $18.30 with a standard deviation of $4.00. As the sample sizes were quite large, it was assumed that the respective population standard deviations of the spending for prescription and non-prescription allergy relief medication could be estimated as the respective sample standard deviation values given above. Construct a 95% confidence interval for the difference - between the mean spending on prescription allergy relief medication () and the mean spending on non-prescription allergy relief medication (2). Then find the lower limit and upper limit of the 95% confidence interval. Carry your intermediate computations to at least three decimal places. Round your answers to at least two decimal places. (If necessary, consult a list of formulas.) Lower limit: Upper limit:

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

Statistics For Business And Economics

Authors: Paul Newbold, William Carlson, Betty Thorne

8th Edition

0132745658, 978-0132745659

More Books

Students also viewed these Mathematics questions

Question

2. What is the meaning and definition of Banking?

Answered: 1 week ago

Question

3.What are the Importance / Role of Bank in Business?

Answered: 1 week ago