Question
The Consumer Expenditure Survey provides information on the buying habits of U.S. consumers.54U.S. consumers.54 In the latest report, the average annual amount a person under
The Consumer Expenditure Survey provides information on the buying habits of U.S. consumers.54U.S. consumers.54 In the latest report, the average annual amount a person under the age of 2525 spent on food was $4876,$4876, with a standard error of$248. Will this interval capture 90% of all annual food expenditures by persons under the age of 25? Explain your answer.
- Yes, the confidence interval suggests that all of the food expenditure values for people under the age of 2525 will be captured 90%90% of thetime.
- No, the confidence interval suggests that 90%90% of all samples will have the average amount of food expenditure for a person under the age of 2525 in theinterval.
- Yes, the confidence interval suggests that the interval created will capture all food expenditure values for people under the age of 2525 with 90%confidence.90%confidence.
- No, the confidence interval suggests that 90%90% of the food expenditure values for people under the age of 2525 in the sample will be captured by theinterval.
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