Question
In: Statistics and Probability
A survey is conducted to estimate the average household income in a large metropolitan area. A...
A survey is conducted to estimate the average household income in a large metropolitan area. A random sample of 150 households in this area yielded an average household income of $55,000 with a standard deviation of $13,200. Construct a 95% confidence interval for the mean household income in this area. (Choose the BEST answer)
Solutions
Expert Solution
Solution :
Given that,
Point estimate = sample mean = 
= 55000
Population standard deviation = 
= 13200
Sample size n =150
At 95% confidence level the z is ,
= 1 - 95% = 1 - 0.95 = 0.05
/ 2 = 0.05 / 2 = 0.025
Z/2
= Z0.025 = 1.96 ( Using z table )
Margin of error = E = Z/2
* ( 
/
= 1.96 * ( 13200 /
= 2112.4
At 95% confidence interval
is,
- E < 
<
+ E
55000 - 2112.4 <
<55000 + 2112.4
52887.6 <
< 57112.4
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Superior Markets, Inc., operates three stores in a large metropolitan area. A segmented absorption costing income...
Superior Markets, Inc., operates three stores in a large
metropolitan area. A segmented absorption costing income statement
for the company for the last quarter is given below:
Superior Markets, Inc.
Income Statement
For the Quarter Ended September 30
Total
North
Store
South
Store
East
Store
Sales
$
3,500,000
$
780,000
$
1,400,000
$
1,320,000
Cost of goods sold
1,925,000
450,000
749,000
726,000
Gross margin
1,575,000
330,000
651,000
594,000
Selling and administrative
expenses:
Selling expenses
827,000
236,400
317,500
273,100
Administrative expenses...
Superior Markets, Inc., operates three stores in a large metropolitan area. A segmented absorption costing income...
Superior Markets, Inc., operates three stores in a large
metropolitan area. A segmented absorption costing income statement
for the company for the last quarter is given below:
Superior Markets, Inc.
Income Statement
For the Quarter Ended September 30
Total
North
Store
South
Store
East
Store
Sales
$
4,800,000
$
960,000
$
1,920,000
$
1,920,000
Cost of goods sold
2,640,000
600,000
984,000
1,056,000
Gross margin
2,160,000
360,000
936,000
864,000
Selling and administrative expenses:
Selling expenses
853,000
249,400
324,000
279,600
Administrative expenses...
Superior Markets, Inc., operates three stores in a large metropolitan area. A segmented absorption costing income...
Superior Markets, Inc., operates three stores in a large
metropolitan area. A segmented absorption costing income statement
for the company for the last quarter is given below:
Superior Markets, Inc.
Income Statement
For the Quarter Ended September 30
Total
North
Store
South
Store
East
Store
Sales
$
4,000,000
$
840,000
$
1,600,000
$
1,560,000
Cost of goods sold
2,200,000
495,000
847,000
858,000
Gross margin
1,800,000
345,000
753,000
702,000
Selling and administrative expenses:
Selling expenses
837,000
241,400
320,000
275,600
Administrative expenses...
Superior Markets, Inc., operates three stores in a large metropolitan area. A segmented absorption costing income...
Superior Markets, Inc., operates three stores in a large
metropolitan area. A segmented absorption costing income statement
for the company for the last quarter is given below:
Superior Markets, Inc.
Income Statement
For the Quarter Ended September 30
Total
North
Store
South
Store
East
Store
Sales
$
4,000,000
$
840,000
$
1,600,000
$
1,560,000
Cost of goods sold
2,200,000
495,000
847,000
858,000
Gross margin
1,800,000
345,000
753,000
702,000
Selling and administrative expenses:
Selling expenses
837,000
241,400
320,000
275,600
Administrative expenses...
Superior Markets, Inc., operates three stores in a large metropolitan area. A segmented absorption costing income...
Superior Markets, Inc., operates three stores in a large
metropolitan area. A segmented absorption costing income statement
for the company for the last quarter is given below:
Superior Markets, Inc.
Income Statement
For the Quarter Ended September 30
Total
North
Store
South
Store
East
Store
Sales
$
3,500,000
$
780,000
$
1,400,000
$
1,320,000
Cost of goods sold
1,925,000
450,000
749,000
726,000
Gross margin
1,575,000
330,000
651,000
594,000
Selling and administrative expenses:
Selling expenses
827,000
236,400
317,500
273,100
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Superior Markets, Inc., operates three stores in a large metropolitan area. A segmented absorption costing income...
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metropolitan area. A segmented absorption costing income statement
for the company for the last quarter is given below:
Superior Markets, Inc.
Income Statement
For the Quarter Ended September 30
Total
North
Store
South
Store
East
Store
Sales
$
3,600,000
$
800,000
$
1,440,000
$
1,360,000
Cost of goods sold
1,980,000
470,000
762,000
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1,620,000
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expenses:
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829,000
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318,000
273,600
Administrative expenses...
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