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≤ $
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≤ $
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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≤ $
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