In 2017, Americans spent a record-high $9.1 billion on Halloween- related purchases (the balance website). Sample data showing the amount, in dollars, that 16 adults spent on a Halloween costume are as follows. 13 69 23 65 32 36 31 43 52 17 13 95 46 32 66 24 a. What is the estimate of the population mean amount adults spend on a Halloween costume (to 2 decimals)? $ 41.06 b. What is the sample standard deviation (to 2 decimals)? $ c. Provide a 95% confidence interval estimate of the population standard deviation for the amount adults spend on a Halloween costume (to 2 decimals). Use Table 3 of Appendix B. $ 17.14 ≤0≤ $

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question
In 2017, Americans spent a record-high $9.1 billion on Halloween-
related purchases (the balance website). Sample data showing the
amount, in dollars, that 16 adults spent on a Halloween costume
are as follows.
13
69
23
65
32
36
31
43
52
17
13
95
46
32
66
24
a. What is the estimate of the population mean amount adults
spend on a Halloween costume (to 2 decimals)?
$ 41.06
b. What is the sample standard deviation (to 2 decimals)?
$
c. Provide a 95% confidence interval estimate of the population
standard deviation for the amount adults spend on a Halloween
costume (to 2 decimals). Use Table 3 of Appendix B.
$ 17.14
≤0≤ $
Transcribed Image Text:In 2017, Americans spent a record-high $9.1 billion on Halloween- related purchases (the balance website). Sample data showing the amount, in dollars, that 16 adults spent on a Halloween costume are as follows. 13 69 23 65 32 36 31 43 52 17 13 95 46 32 66 24 a. What is the estimate of the population mean amount adults spend on a Halloween costume (to 2 decimals)? $ 41.06 b. What is the sample standard deviation (to 2 decimals)? $ c. Provide a 95% confidence interval estimate of the population standard deviation for the amount adults spend on a Halloween costume (to 2 decimals). Use Table 3 of Appendix B. $ 17.14 ≤0≤ $
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education