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In: Statistics and Probability

The USA Today reports that the average expenditure on Valentine's Day is $100.89. Do male and...

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 43 male consumers was $135.67, and the average expenditure in a sample survey of 36 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 $24. 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)? At 99% confidence, what is the margin of error (to 2 decimals)? Develop a 99% confidence interval for the difference between the two population means (to 2 decimals). Use z-table. ( , )

Solutions

Expert Solution

Point Estimate Between difference is = 67.03

Margine of error is = 18.57

Confidence Interval :

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