Question
It is believed that the average US households spending on food is 39 dollars per day. Suppose you recently take a random sample of 81
It is believed that the average US households spending on food is 39 dollars per day. Suppose you recently take a random sample of 81 households in the US and the result revealed a mean of 41 dollars per day with the standard deviation of 2 dollars.
a. Can it be concluded that the average dollars spent per day by U.S. households has changed? (please provide 2 approached both the T-test (Zscore) and P-value approach. (You should write down the null, alternative, formulas, and provide your p-value on the z graph.) (Each approach has 7.5 points) b. Create the 95 % Confidence Interval for the population mean using the information above? (Do not forget the complete formula of the interval)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started