You may need to use the appropriate appendix table or technology to answer this question. A survey conducted by the American Automobile Association showed that a family of four spends an average of $215.60 per day while on vacation. Suppose a sample of 64 families of four vacationing at Niagara Falls resulted in a sample mean of $252.45 per day and a sample standard deviation of $74.50. (a) Develop a 95% confidence interval estimate of the mean amount spent per day in dollars by a family of four visiting Niagara Falls. (Round your answers to the nearest cent.) to $ (b) Based on the confidence interval from part (a), does it appear that the population mean amount spent per day by families visiting Niagara Falls differs from the mean reported by the American Automobile Association? Explain. O Yes. The upper limit for the confidence interval for the population mean at Niagara Falls is less than overall average daily vacation expenditure of $215.60 per day. This suggests the population mean at Niagara Falls is less than the overall average. O No. The lower limit for the confidence interval for the population mean at Niagara Falls is greater than overall average daily vacation expenditure of $215.60 per day. This suggests we cannot determine if the population mean at Niagara Falls is greater than the overall average daily vacation expenditure. O Yes. The overall average daily vacation expenditure of $215.60 per day is between the upper and lower limits of the confidence interval for the population mean at Niagara Falls. This suggests the population mean at Niagara Falls is less than the overall average. O No. The overall average daily vacation expenditure of $215.60 per day is between the upper and lower limits of the confidence interval for the population mean at Niagara Falls. This suggests we cannot determine if the population mean at Niagara Falls is greater than the overall average daily vacation expenditure. O Yes. The lower limit for the confidence interval for the population mean at Niagara Falls is greater than overall average daily vacation expenditure of $215.60 per day. This suggests the population mean at Niagara Falls is greater than the overall average.
You may need to use the appropriate appendix table or technology to answer this question. A survey conducted by the American Automobile Association showed that a family of four spends an average of $215.60 per day while on vacation. Suppose a sample of 64 families of four vacationing at Niagara Falls resulted in a sample mean of $252.45 per day and a sample standard deviation of $74.50. (a) Develop a 95% confidence interval estimate of the mean amount spent per day in dollars by a family of four visiting Niagara Falls. (Round your answers to the nearest cent.) to $ (b) Based on the confidence interval from part (a), does it appear that the population mean amount spent per day by families visiting Niagara Falls differs from the mean reported by the American Automobile Association? Explain. O Yes. The upper limit for the confidence interval for the population mean at Niagara Falls is less than overall average daily vacation expenditure of $215.60 per day. This suggests the population mean at Niagara Falls is less than the overall average. O No. The lower limit for the confidence interval for the population mean at Niagara Falls is greater than overall average daily vacation expenditure of $215.60 per day. This suggests we cannot determine if the population mean at Niagara Falls is greater than the overall average daily vacation expenditure. O Yes. The overall average daily vacation expenditure of $215.60 per day is between the upper and lower limits of the confidence interval for the population mean at Niagara Falls. This suggests the population mean at Niagara Falls is less than the overall average. O No. The overall average daily vacation expenditure of $215.60 per day is between the upper and lower limits of the confidence interval for the population mean at Niagara Falls. This suggests we cannot determine if the population mean at Niagara Falls is greater than the overall average daily vacation expenditure. O Yes. The lower limit for the confidence interval for the population mean at Niagara Falls is greater than overall average daily vacation expenditure of $215.60 per day. This suggests the population mean at Niagara Falls is greater than the overall average.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:You may need to use the appropriate appendix table or technology to answer this question.
A survey conducted by the American Automobile Association showed that a family of four spends an average of $215.60 per day while on vacation. Suppose a sample of 64 families of four vacationing at Niagara
Falls resulted in a sample mean of $252.45 per day and a sample standard deviation of $74.50.
(a) Develop a 95% confidence interval estimate of the mean amount spent per day in dollars by a family of four visiting Niagara Falls. (Round your answers to the nearest cent.)
$
to $
(b) Based on the confidence interval from part (a), does it appear that the population mean amount spent per day by families visiting Niagara Falls differs from the mean reported by the American Automobile
Association? Explain.
O Yes. The upper limit for the confidence interval for the population mean at Niagara Falls is less than overall average daily vacation expenditure of $215.60 per day. This suggests the population mean at
Niagara Falls is less than the overall average.
O No. The lower limit for the confidence interval for the population mean at Niagara Falls is greater than overall average daily vacation expenditure of $215.60 per day. This suggests we cannot determine
if the population mean at Niagara Falls is greater than the overall average daily vacation expenditure.
O Yes. The overall average daily vacation expenditure of $215.60 per day is between the upper and lower limits of the confidence interval for the population mean at Niagara Falls. This suggests the
population mean at Niagara Falls is less than the overall average.
O No. The overall average daily vacation expenditure of $215.60 per day is between the upper and lower limits of the confidence interval for the population mean at Niagara Falls. This suggests we cannot
determine if the population mean at Niagara Falls is greater than the overall average daily vacation expenditure.
O Yes. The lower limit for the confidence interval for the population mean at Niagara Falls is greater than overall average daily vacation expenditure of $215.60 per day. This suggests the population mean
at Niagara Falls is greater than the overall average.
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