The average expenditure on Valentine’s Day was expected to be $100.89 (USA Today, February 13, 2006). Do male and female consumers differ in the amounts they spend? The average expenditure in a sample survey of 40 male consumers was $135.67, and the average expenditure in a sample survey of 30 female consumers was $68.64. Based on past surveys, the standard deviation for male consumers is assumed to be $35, and the standard deviation for female consumers is assumed to be $20. What is the point estimate of the difference between the population mean expenditure for males and the population mean expenditure for females? At 99% confidence, what is the margin of error? Develop a 99% confidence interval for the difference between the two population means and interpret the results
The average expenditure on Valentine’s Day was expected to be $100.89 (USA
Today, February 13, 2006). Do male and female consumers differ in the amounts they
spend? The average expenditure in a sample survey of 40 male consumers was
$135.67, and the average expenditure in a sample survey of 30 female consumers was
$68.64. Based on past surveys, the standard deviation for male consumers is assumed
to be $35, and the standard deviation for female consumers is assumed to be $20.
What is the point estimate of the difference between the population mean
expenditure for males and the population mean expenditure for females?
At 99% confidence, what is the margin of error?
Develop a 99% confidence interval for the difference between the two population
means and interpret the results
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