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 42 male consumers was $135.67, and the average expenditure in a sample survey of 37 female consumers was $68.64. Based on past surveys, the standard deviation for male consumers is assumed to be $34, and the standard deviation for female consumers is assumed to be $17. 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.
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 42 male consumers was $135.67, and the average expenditure in a sample survey of 37 female consumers was $68.64. Based on past surveys, the standard deviation for male consumers is assumed to be $34, and the standard deviation for female consumers is assumed to be $17.
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.
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