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Name: A pharmacy restructures its fees in order to charge patients a smaller
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Description: A pharmacy restructures its fees in order to charge patients a smaller co-pay on prescription drugs. It is known from previous data that the population mean prescription co-pay was $19.50 and the population standard deviation was $12.75. After the ne

MATLAB: An Introduction with Applications

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ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

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A pharmacy restructures its fees in order to charge patients a smaller co-pay on prescription drugs. It is known from previous data that the population mean prescription co-pay was $19.50 and the population standard deviation was $12.75. After the new program is implemented, the average prescription co-pay for a sample of 55 patients was $15.25. Calculate the margin of error and construct the 90% confidence interval for the new population mean, assuming that the population standard deviation remains unchanged. Does the result seem to support the pharmacy’s claim that the new program has reduced the average prescription co-pay?

Standard Normal Distribution Table

E=E=

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< μ < < μ <

Round to the nearest cent

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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