USA Today reports that the average expenditure on Valentine's Day was expected to be $100.89. Do male and female consumers differ in the amounts they spend? The average expenditure in a sample survey of 60 male consumers was $137.25, and the average expenditure in a sample survey of 38 female consumers was 863.57. Based on past surveys, the standard deviation for male consumers is assumed to be 832, and the standard deviation for female consumers is assumed to be $14. The value is 2.576. Round your answers to 2 decimal places. a. What is the point estimate of the difference between the population mean expenditure for males and the population mean expenditure for females? b. At 99% confidence, what is the margin of error? c. Develop a 99% confidence interval for the difference between the two population means. to

USA Today reports that the average expenditure on Valentine's Day was expected to be $100.89. Do male and female consumers differ in the amounts they spend? The average expenditure in a sample survey of 60 male consumers was $137.25, and the average expenditure in a sample survey of 38 female consumers was 863.57. Based on past surveys, the standard deviation for male consumers is assumed to be 832, and the standard deviation for female consumers is assumed to be $14. The value is 2.576. Round your answers to 2 decimal places. a. What is the point estimate of the difference between the population mean expenditure for males and the population mean expenditure for females? b. At 99% confidence, what is the margin of error? c. Develop a 99% confidence interval for the difference between the two population means. to

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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