A survey conducted by the American automobile association show that a family of four spent an average of $215.60 per day while on vacation. It's supposed to sample of 64 families of four vacationing at Niagara Falls resulted in a sample mean of $256.45 per day and a sample standard deviation of $76.50 answer thi questionA survey conducted by the American Automabile Assoiation showed that a famly of four spends an average of 215.60 per day white sn vecation. Supposesample of 64 fames of four vacabioningat Niegara Falls resulted in a sampie mean of sas6.45 per day and a sample standard deviation of $76.50.(a) Develop e 9s% confdence interval estimate of the mean amount spent par dey in dellan by a famly ot for vsting Nejara Pats. (Round your anowers to the nearest cent.)to s(b) Based on the confidence interval from part (e), does appear that the population maar amount spert per ay by tamtes veag Napara ras dmers from the mean reported hy the AmericanAutomobile Association? ExplainO ves. The upper limit for the confdence intervel for the population mean at Niagara as lehen overat avernge dally vecaton ependture of 2is 40 per day Thes sugests thepopulation mean et Nagara Fells is less than the overal averageO Yes The lower limit for the confidence interval for the pspulation mean at Niagara fas i greater then evera averege daily vacon xpendture et 1215.60 per day The suggests thepopulation mean at Magars Pelils is greeter than the oversll verageO ves The overs average daly vatation expenditure of s215.00 per day is hetween the pper and tower t ot the cerindence interval for the populatin mean at Nagars Fails. Thissuggests the population mean at hiegara Fals is less than the everall averageO No. The everall averege dally vacation exgenditure of s215.60 per days between the upper and lewer limits of the conhtence intervat for the population mean at Niagan Pats. Thsuggests we cannet determine f the population mean at Niagara Fals is greater than the overst everage caly vaoton penditureONo. The lower imit for the confidence interval for the populatien mean et Magara Palte is greatetannot determine the population meen at Magara Pat greater than the oveal average dely veratienexpendurepivera average dely vacatiion expendture of $215.60 per day. This sggests we

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A survey conducted by the American automobile association show that a family of four spent an average of $215.60 per day while on vacation. It's supposed to sample of 64 families of four vacationing at Niagara Falls resulted in a sample mean of $256.45 per day and a sample standard deviation of $76.50

A survey conducted by the American automobile association show that a family of four spent an average of $215.60 per day while on vacation. It's supposed to sample of 64 families of four vacationing at Niagara Falls resulted in a sample mean of $256.45 per day and a sample standard deviation of $76.50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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