Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The 91 million Americans of age 50 and over control 50 percent of all discretionary income. AARP estimates that the average annual expenditure on restaurants

The 91 million Americans of age 50 and over control 50 percent of all discretionary income. AARP estimates that the average annual expenditure on restaurants and carryout food was $1,877 for individuals in this age group. Suppose this estimate is based on a sample of 75 persons and that the sample standard deviation is $530. Round your answers to the nearest whole numbers. a. At 99% confidence, what is the margin of error? b. What is the 99% confidence interval for the population mean amount spent on restaurants and carryout food? c. What is your estimate of the total amount spent by Americans of age 50 and over on restaurants and carryout food? million d. If the amount spent on restaurants and carryout food is skewed to the right, would you expect the median amount spent to be greater or less than $1,877?

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

A First Course In Differential Equations

Authors: J David Logan

3rd Edition

3319178520, 9783319178523

More Books

Students also viewed these Mathematics questions

Question

How do impairment tests differ under U.S. GAAP and IFRS?

Answered: 1 week ago

Question

1. Information that is currently accessible (recognition).

Answered: 1 week ago