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 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 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 two 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? _____

b.At 99% confidence, what is the margin of error?_____

c.Develop a 99% confidence interval for the difference between the two population means. _____ to ______

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

Essentials of Business Analytics

Authors: Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

2nd edition

1305627733, 978-1305861817, 1305861817, 978-0357688960, 978-1305627734

More Books

Students also viewed these Mathematics questions