**Question 6: Statistical Study**In a survey of 1,000 people, the mean amount of money they spend on buying Starbucks coffee per month is $19.40. Use $ z = 1.96 $ and $ \sigma = 0.45 $.a. **What is the margin of error for this study?**b. **Give an interval that is likely to contain the exact mean amount of money people spend on Starbucks.**---**Solution Explanation:**To calculate the margin of error (ME), use the formula:\[ ME = z \times \left(\frac{\sigma}{\sqrt{n}}\right) \]where:- $ z = 1.96 $ (z-score for a 95% confidence level)- $ \sigma = 0.45 $ (standard deviation)- $ n = 1000 $ (sample size)Once the ME is calculated, the confidence interval can be determined using:\[ \text{Confidence Interval} = \text{mean} \pm ME \]Substitute the values into the formulas above to find the margin of error and the confidence interval for the study results.

a. M.E.=Zα/2.σn=1.96×0.451000=0.0279 Margin of error: 0.0279

In a survey of 1000 people, mean amount of money they spend on buying Starbuck's coffee per month is $19.40. Use z= 1.96 and o =45 a. What is the margin of error for this study? b. Give an interval that is likely to contain the exact mean amount of money people spend on Starbucks.

In a survey of 1000 people, mean amount of money they spend on buying Starbuck's coffee per month is $19.40. Use z= 1.96 and o =45 a. What is the margin of error for this study? b. Give an interval that is likely to contain the exact mean amount of money people spend on Starbucks.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

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