Question

In: Statistics and Probability

THIS IS THE THIRD TIME ASKING THE SAME QUESTION, PLEASE DOUBLE CHECK YOUR ANSWERS. THANK YOU....

THIS IS THE THIRD TIME ASKING THE SAME QUESTION, PLEASE DOUBLE CHECK YOUR ANSWERS. THANK YOU. AND ANSWER ALL PARTS A, B AND C

The USA Today reports that the average expenditure on Valentine's Day is $100.89. Do male and female consumers differ in the amounts they spend? The average expenditure in a sample survey of 44 male consumers was $135.67, and the average expenditure in a sample survey of 32 female consumers was $68.64. Based on past surveys, the standard deviation for male consumers is assumed to be $36, and the standard deviation for female consumers is assumed to be $20.

a. What is the point estimate of the difference between the population mean expenditure for males and the population mean expenditure for females (to 2 decimals)?

b. At 99% confidence, what is the margin of error (to 2 decimals)

c. Develop a 99% confidence interval for the difference between the two population means (to 2 decimals). Use z-table. ( , )

Solutions

Expert Solution

n1 = 44

= 135.67

= 36

n2 = 32

= 68.64

= 20

Claim: Male and female consumers differ in the amounts they spend.

The null and alternative hypothesis is

a)

The point estimate of the difference between the population mean expenditure for males and the population mean expenditure for females is

= 135.67 - 68.64 = 67.03

b)

Here E is the margin of error.

Zc = 2.58

( From z table)

c)

We have to find a 99% confidence interval for the difference in population mean.

Formula is

67.03 - 16.71 < < 67.03 + 16.71

50.32 < < 83.74

Confidence interval: ( 50.32 , 83.74)

---------------------------------------------------------------------------------------------------------------------

The value zero (0) is not belongs to confidence interval we reject null hypothesis.

Conclusion: Male and female consumers differ in the amounts they spend.

---------------------------------------------------------------------------------------------------------

If you have any doubt please comment!


Related Solutions

Please Double Check answers I've recived 3 wrong answers on three diffrent questions today thank you...
Please Double Check answers I've recived 3 wrong answers on three diffrent questions today thank you A leading magazine (like Barron's) reported at one time that the average number of weeks an individual is unemployed is 17 weeks. Assume that for the population of all unemployed individuals the population mean length of unemployment is 17 weeks and that the population standard deviation is 2 weeks. Suppose you would like to select a random sample of 98 unemployed individuals for a...
Please Double Check answers I've recived 3 wrong answers on three diffrent questions today thank you...
Please Double Check answers I've recived 3 wrong answers on three diffrent questions today thank you CNNBC recently reported that the mean annual cost of auto insurance is 1006 dollars. Assume the standard deviation is 245 dollars. You take a simple random sample of 73 auto insurance policies. Find the probability that a single randomly selected value is less than 973 dollars. P(X < 973) = Find the probability that a sample of size n = 73 is randomly selected...
PLEASE ANSWER THE QUESTION, AS THIS IS MY THIRD TIME ASKING Rhone-Metro Industries manufactures equipment that...
PLEASE ANSWER THE QUESTION, AS THIS IS MY THIRD TIME ASKING Rhone-Metro Industries manufactures equipment that is sold or leased. On December 31, 2018, Rhone-Metro leased equipment to Western Soya Co. for a four-year period ending December 31, 2022, at which time possession of the leased asset will revert back to Rhone-Metro. The equipment cost $300,000 to manufacture and has an expected useful life of six years. Its normal sales price is $365,760. The expected residual value of $25,000 at...
Can you please check my answers and if I am wrong correct me. Thank you! A....
Can you please check my answers and if I am wrong correct me. Thank you! A. In today's interconnected world, many central banks communicate regularly and frequently with the public about the state of the economy, the economic outlook, and the likely future course of monetary policy. Communication about the likely future course of monetary policy is known as "forward guidance.". If the central bank increases the reserve ratio, as the market has perfectly expected, which of the following will...
These subquestions are all apart of the same question for my homework! Thank you for your...
These subquestions are all apart of the same question for my homework! Thank you for your help in advance! A) As with most bonds, consider a bond with a face value of $1,000. The bond's maturity is 8 years, the coupon rate is 7% paid annually, and the market yield (discount rate) is 19%. What is the bond's Current Yield? B) What is the price of a bond with the following features? 8 years to maturity, face value of $1000,...
Please provide the table and answers to each question with calculations, Thank you A company producing...
Please provide the table and answers to each question with calculations, Thank you A company producing plastic cell-phone cases uses a $5,000 blower, a $2,000 processor, and $4,200 worth of molds. The rent paid for their space in an industrial park is $5,000 per production period. The cost of materials (resins and compounds) is $10 per unit. The cell phone case market is competitive, with a market price of $25. Each unit of labor is paid $5,000 per production period....
I think I have this figured out, but need a double check... Thank you Here is...
I think I have this figured out, but need a double check... Thank you Here is the question: Regional distributors are currently using continuous review inventory policy. Compute and describe their inventory management policy and associated cost. Ignore inbound and outbound transportation cost. Provide answers and calculations for order quantity, demand during lead time, safety stock, average inventory level, inventory holding cost per week, ordering cost per week, and total cost per week. The service level is 90% and the...
Please can someone double-check my answers? 1) A ball with a mass of 0.15 kg has...
Please can someone double-check my answers? 1) A ball with a mass of 0.15 kg has a velocity of 5m/s. It strikes a wall perpendicularly and bounces off straight back with a velocity of 3 m/s. The ball underwent a change in momentum of? 1.20 kg*m/s 2) What braking force is supplied to a 3,000 kg car traveling with a velocity of 35 m/s that is stopped in 12 seconds? F=8750 N 3) A 0.1 kg baseball is thrown with...
Will someone please answer the THIRD question underneaththefirst two, thank you 50.00 mL 0.0416 M citric...
Will someone please answer the THIRD question underneaththefirst two, thank you 50.00 mL 0.0416 M citric acid is titrated with 0.1288 M NaOH. 1) Calculate the equivalence point volume of the NaOH solution. (4 pts) 2) Identify the species, at the equivalence point, which determines the pH of the titration solution and calculate its concentration. (6 pts) 3) Calculate the pH of the titration solution at the equivalence point. (10 pts)
can you check if my answers are correct and can you please type the correct answers...
can you check if my answers are correct and can you please type the correct answers for each question 5 points) Trevor is interested in purchasing the local hardware/electronic goods store in a small town in South Ohio. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability that the store will gross over $850 at least...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT