**Please show how to do by hand.1) Meal cost in Hong Kong. The mean cost of a meal for two in a mid-range restaurant in Tokyo is $40 (Numbeo.com website). How do prices for comparable meals in Hong Kong compare? The file HongKingMeals contains the costs for a sample of 42 recent meals for two in Hong Kong mid-range restaurants.With 95% confidence, what is the margin of error?What is the 95% confidence interval of the population mean?How do prices for meals for two in mid-range restaurants in Hong Kong compare to prices for comparable meals in Tokyo restaurants? Meal Price ($)22.7833.8922.7718.0423.2935.2842.3836.8838.5541.6825.7334.1931.7525.2426.3219.5736.5732.9736.8330.1737.2925.3724.7128.7932.8343.0035.2334.7633.0627.7331.8938.4739.4240.7243.9236.5145.2533.5129.1730.5426.7437.93

Question
Asked Sep 30, 2019
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**Please show how to do by hand.

1) Meal cost in Hong Kong. The mean cost of a meal for two in a mid-range restaurant in Tokyo is $40 (Numbeo.com website). How do prices for comparable meals in Hong Kong compare? The file HongKingMeals contains the costs for a sample of 42 recent meals for two in Hong Kong mid-range restaurants.

  1. With 95% confidence, what is the margin of error?
  2. What is the 95% confidence interval of the population mean?
  3. How do prices for meals for two in mid-range restaurants in Hong Kong compare to prices for comparable meals in Tokyo restaurants?

 

Meal Price ($)
22.78
33.89
22.77
18.04
23.29
35.28
42.38
36.88
38.55
41.68
25.73
34.19
31.75
25.24
26.32
19.57
36.57
32.97
36.83
30.17
37.29
25.37
24.71
28.79
32.83
43.00
35.23
34.76
33.06
27.73
31.89
38.47
39.42
40.72
43.92
36.51
45.25
33.51
29.17
30.54
26.74
37.93
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Expert Answer

Step 1

1.

Step-by-step procedure to obtain the mean and standard deviation using Excel:

  • In Excel sheet, enter Meal Price in one column.
  • In Data, select Data Analysis and choose Descriptive Statistics.
  • In Input Range, select Meal Price, then click Labels in First Row.
  • Select Summary Statistics.
  • Click Ok.

Output obtained using Excel is given below:

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Image Transcriptionclose

Meal Price (S) Mean 32.66 1.053444 Standard Error Median 33.285 Mode #N/A Standard Deviation 6.8271 Sample Variance 46.60929 Kurtosis -0.67054 Skewness -0.20023 Range 27.21 Minimum 18.04 Маximum 45.25 Sum 1371.72 Count 42

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Step 2

The margin of error is obtained below:

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From the Standard Normal table, ME z z*-1.96 6.8271 =1.96x 42 = 2.065

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Step 3

Thus, the margin of error is 2.065.

2.

The 95% confidence interval fo...

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Image Transcriptionclose

Sample statistic ± ME = x tME = 32.66 2.065 = (32.66-2.065,32.66 + 2.065) = (30.595,34.725)

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