You are opening your own wedding planning business and are conducting some market research. According to The Knot Real Weddings Study, the average cost of a wedding in the U.S. is $35,000. You are skeptical about whether these numbers apply to the Piedmont Triad area—your target market and so you decide to conduct your own survey. After randomly sampling 40 recently married couples, you find an average cost of $32,000 with a standard deviation of $10,000. 1. Find the 90% confidence interval for the mean wedding cost in the Piedmont Triad. a. What is the point estimate of the mean wedding cost for the Piedmont Triad? 32,000 b. Find the standard error of the mean. 1,581.1388 c. Find the critical value. (You'll need to decide whether to use a z-score or a t-score.) 2.0227 d. Put it together to find the confidence interval. 2. What is the margin of error for the 90% confidence interval?

You are opening your own wedding planning business and are conducting some market research. According to The Knot Real Weddings Study, the average cost of a wedding in the U.S. is $35,000. You are skeptical about whether these numbers apply to the Piedmont Triad area—your target market and so you decide to conduct your own survey. After randomly sampling 40 recently married couples, you find an average cost of $32,000 with a standard deviation of $10,000. 1. Find the 90% confidence interval for the mean wedding cost in the Piedmont Triad. a. What is the point estimate of the mean wedding cost for the Piedmont Triad? 32,000 b. Find the standard error of the mean. 1,581.1388 c. Find the critical value. (You'll need to decide whether to use a z-score or a t-score.) 2.0227 d. Put it together to find the confidence interval. 2. What is the margin of error for the 90% confidence interval?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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This is wrong question and solution.
can you please explain step 4 again, I can't see whats written there.
I'm still not understanding
so am I correct?