Statistics for Management and Economics (Book Only)
Statistics for Management and Economics (Book Only)
11th Edition
ISBN: 9781337296946
Author: Gerald Keller
Publisher: Cengage Learning
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Chapter 10.2, Problem 37E
To determine

Calculate the population mean.

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It is known that the variance of a population equals 20. A random sample of 144 observations is going to be taken from the population. Compute the margin of error corresponding to a 95% level of confidence.
According to the Annual survey of drugs expenditure in country X, the annual expenditure for prescription drugs is $838 per person in the Northeast region of the country. A sample of 60 individuals in the Midwest shows a per person expenditure for prescription drugs of $745. Further, it is given that the population standard deviation of $300. Formulate hypotheses for a test to determine whether the sample data support the conclusion that the population annual expenditure for prescription drugs per person is lower in the Midwest than in the Northeast and Identify whether it is a two-tail test or a one tail test (Left or right tail).
A sample of 81 observations is taken from a normal population with a standard deviation of 6.The sample mean is 41. Determine the 99% confidence interval for the population mean.
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