Answered: The 92 million Americans of age 50 and…

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 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 $1873 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.
a. At 95% confidence, what is the margin of error?
b. What is the 95% 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?
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 $1873?

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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