The 92 million Americans of age 50 and over control 50 percent of all discretionary income. AARP estimates that the average annual expenditure on restaurants and carryout food was $1,876 for individuals in this age group. Suppose this estimate is based on a sample of 80 persons and that the sample standard deviation is $550. Round your answers to the nearest whole numbers. a. At 99% confidence, what is the margin of error? b. What is the 99% confidence interval for the population mean amount spent on restaurants and carryout food? c. What is your estimate of the total amount spent by Americans of age 50 and over on restaurants and carryout food? million d. If the amount spent on restaurants and carryout food is skewed to the right, would you expect the median amount spent to be greater or less than $1,876 ? Select your answer -

The 92 million Americans of age 50 and over control 50 percent of all discretionary income. AARP estimates that the average annual expenditure on restaurants and carryout food was $1,876 for individuals in this age group. Suppose this estimate is based on a sample of 80 persons and that the sample standard deviation is $550. Round your answers to the nearest whole numbers. a. At 99% confidence, what is the margin of error? b. What is the 99% confidence interval for the population mean amount spent on restaurants and carryout food? c. What is your estimate of the total amount spent by Americans of age 50 and over on restaurants and carryout food? million d. If the amount spent on restaurants and carryout food is skewed to the right, would you expect the median amount spent to be greater or less than $1,876 ? Select your answer -

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MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The 94 million Americans of age 50 and over control 50 percent of all discretionary income. AARP estimates that the average annual expenditure on restaurants and carryout food was $1,861 for individuals in this age group. Suppose this estimate is based on a sample of 85 persons and that the sample standard deviation is $550. Round your answers to the nearest whole numbers. a. At 99% confidence, what is the margin of error? b. What is the 99% confidence interval for the population mean amount spent on restaurants and carryout food? c. What is your estimate of the total amount spent by Americans of age 50 and over on restaurants and carryout food? $ million d. If the amount spent on restaurants and carryout food is skewed to the right, would you expect the median amount spent to be greater or less than $1,861 ? Select your answer -