The 93 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  $1,873 for individuals in this age group. Suppose this estimate is based on a sample of 80  persons and that the sample standard deviation is $580 . 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

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A:

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A: a. Suppose µ is the population mean amount spent on restaurants and carryout food.

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.