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Name: A pharmacy restructures its fees in order to charge patients a smaller
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Description: A pharmacy restructures its fees in order to charge patients a smaller co-pay on prescription drugs. It is known from previous data that the population mean prescription co-pay was $19.50 and the population standard deviation was $12.75. After the ne

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.4: Distributions Of Data

Problem 19PFA

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A pharmacy restructures its fees in order to charge patients a smaller co-pay on prescription drugs. It is known from previous data that the population mean prescription co-pay was $19.50 and the population standard deviation was $12.75. After the new program is implemented, the average prescription co-pay for a sample of 55 patients was $15.25. Calculate the margin of error and construct the 90% confidence interval for the new population mean, assuming that the population standard deviation remains unchanged. Does the result seem to support the pharmacy’s claim that the new program has reduced the average prescription co-pay?

Standard Normal Distribution Table

E=E=

Round to 3 significant digits

< μ < < μ <

Round to the nearest cent

Please provide solution in excel

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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