Homework Help is Here – Start Your Trial Now!
Math
Statistics
In a study, it was estimated that the average annual expenditure on take-out was Php 75000 for Filipinos age 25 an bove. Suppose this estimate is based on a sample of 65 respondents and that the sample standard deviation is Php 0,000. At 95% confidence, what is the standard error and margin of error? - What is the 95% confidence interval for the population mean amount spent on take-aways? Based on answer in (a) if our set Margin of Error is 5000, do we need a larger sample size?

In a study, it was estimated that the average annual expenditure on take-out was Php 75000 for Filipinos age 25 an bove. Suppose this estimate is based on a sample of 65 respondents and that the sample standard deviation is Php 0,000. At 95% confidence, what is the standard error and margin of error? - What is the 95% confidence interval for the population mean amount spent on take-aways? Based on answer in (a) if our set Margin of Error is 5000, do we need a larger sample size?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
show the complete solution and capture your image well.
Note/Hint: within 1 unit from is also same as saying 1 unit of – this means 1 unit above and 1 unit below. For the z-values – use the set of z-values for the 90%, 95% and 99% confidence level, all else use that For Hypothesis testing, always show the 5 steps. Excel's
Transcribed Image Text:Note/Hint: within 1 unit from is also same as saying 1 unit of – this means 1 unit above and 1 unit below. For the z-values – use the set of z-values for the 90%, 95% and 99% confidence level, all else use that For Hypothesis testing, always show the 5 steps. Excel's
) In a study, it was estimated that the average annual expenditure on take-out was Php 75000 for Filipinos age 25 and above. Suppose this estimate is based on a sample of 65 respondents and that the sample standard deviation is Php 20,000. a. At 95% confidence, what is the standard error and margin of error? b. What is the 95% confidence interval for the population mean amount spent on take-aways? c. Based on answer in (a) if our set Margin of Error is 5000, do we need a larger sample size? d. If the amount spent on restaurants is skewed to the right, would you expect the median amount spent to be greater or less than Php 75000?
Transcribed Image Text:) In a study, it was estimated that the average annual expenditure on take-out was Php 75000 for Filipinos age 25 and above. Suppose this estimate is based on a sample of 65 respondents and that the sample standard deviation is Php 20,000. a. At 95% confidence, what is the standard error and margin of error? b. What is the 95% confidence interval for the population mean amount spent on take-aways? c. Based on answer in (a) if our set Margin of Error is 5000, do we need a larger sample size? d. If the amount spent on restaurants is skewed to the right, would you expect the median amount spent to be greater or less than Php 75000?
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Inequality
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS