Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Video The Health Care Cost Institute tracks health care expenditures for beneficiaries under the age of 65 who are covered by employer-sponsored private health
Video The Health Care Cost Institute tracks health care expenditures for beneficiaries under the age of 65 who are covered by employer-sponsored private health insurance. The data contained in the Excel Online file below are consistent with the institute's findings concerning annual prescription costs per employee. Analyze the data using Excel and answer the following questions. X Open spreadsheet a. Develop a 90% confidence interval for the annual cost of prescription drugs. ($714.32 836 56 ) (to 2 decimals) b. Develop a 90% confidence interval for the amount of out-of-pocket expense per employee. ($163.96 $193.28 ) (to 2 decimals) c. What is your point estimate of the proportion of employees who incurred no prescription drug costs? 0.34 (to 2 decimals) d. Which, if either, of the confidence intervals in parts (a) and (b) has a larger margin of error. Why? because the sample standard deviation in part (a) is larger S The margin of error in part (a) is larger v Ned A-Z
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