Answered: A group of consumers conducted a…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Please show me how to do it in Excel. Thank you!

Question:

A group of consumers conducted a research entitled, “Expenditures of Households in Class C Municipalities”. The group asked 360 randomly selected households and found out that the average grocery expenses per week is Php 3,755.00 with a standard deviation Php 1,112.00. Assuming a normal distribution.

a. Construct a 99% CI for the average grocery expenses per week of all households.

b. How large a sample is needed so that we can be 98% confident that true average grocery expenses per week of all households will not be off by Php 100.00.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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