Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The average expenditure on Valentine's Day was expected to be $100.89 (USA Today, February 13, 2006). Do male and female consumers differ in the

The average expenditure on Valentine's Day was expected to be $100.89 (USA Today, February 13, 2006). Do male and female consumers differ in the amounts they spend? The average expenditure in a sample survey of 60 male consumers was $133.71, and the average expenditure in a sample survey of 35 female consumers was $62.21. Based on past surveys, the standard deviation for male consumers is assumed to be $35, and the standard deviation for female consumers is assumed to be $12. The z value is 2.576. Round your answers to 2 decimal places. a. What is the point estimate of the difference between the population mean expenditure for males and the population mean expenditure for females? 71.50 b. At 99% confidence, what is the margin of error? 14.91 x c. Develop a 99% confidence interval for the difference between the two population means. 56.59 to 86.41

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Solutions The concept of point estimation margin error and confidence interval is used to model this problem Calculate the value of point estimation b... 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

Making Hard Decisions with decision tools

Authors: Robert Clemen, Terence Reilly

3rd edition

538797576, 978-0538797573

More Books

Students also viewed these Mathematics questions

Question

Case : Karl and June Monroe

Answered: 1 week ago