The 92 million Americans of age 50 and over control 50% 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. We want to develop a 95% confidence interval for the population mean. The margin of error is The margin of error is how many dollars? The standard error is The upper bound of this 95% confidence interval is The lower bound of this 95% confidence interval is

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.