5. Listed below are the values (in dollars) that a random sample of Americans spent on fast food per month. a. Construct a 99% confidence interval of the mean value of money spent on fast food by all Americans. 100 156 67 41 78 62 112 120 70 42 89 85 96 97 11 56 100 98 80 98 20 64 101 100 15 71 35 72 121 74 b. Interpret these results with respect to the amount Americans spend on fast food.
5. Listed below are the values (in dollars) that a random sample of Americans spent on fast food per month. a. Construct a 99% confidence interval of the mean value of money spent on fast food by all Americans. 100 156 67 41 78 62 112 120 70 42 89 85 96 97 11 56 100 98 80 98 20 64 101 100 15 71 35 72 121 74 b. Interpret these results with respect to the amount Americans spend on fast food.
MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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Need help finding a and b
Transcribed Image Text:## Hypothesis Testing: Confidence Interval
### Problem Statement:
5. Below are the values (in dollars) that a random sample of Americans spent on fast food per month.
#### Data Table:
| 100 | 156 | 67 | 41 | 78 | 62 |
|-----|-----|----|----|-----|-----|
| 112 | 120 | 70 | 42 | 89 | 85 |
| 96 | 97 | 11 | 56 | 100 | 98 |
| 80 | 98 | 20 | 64 | 101 | 100 |
| 15 | 71 | 35 | 72 | 121 | 74 |
#### Tasks:
a. **Construct a 99% Confidence Interval** of the mean value of money spent on fast food by all Americans.
b. **Interpret these results** with respect to the amount Americans spend on fast food.
### Explanation:
- **Confidence Interval:** A statistical range that estimates the true population mean with a specific probability (99% in this case). It provides an upper and lower limit within which the true mean is expected to lie.
- **Interpretation:** The result of the confidence interval calculation will give insights into the average spending on fast food by Americans, accounting for variability in the sample data.
Expert Solution
Step 1
Solution:
5.
Let X be the value of money spent on fast food by all Americans.
The given data is 100, 156, 67, 41, 78, 62, 112, 120, 70, 42, 89, 85, 96, 97, 11, 56, 100, 98, 80, 98, 20, 64, 101, 100, 15, 71, 35, 72, 121 and 74.
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