USA Today reports that the average expenditure on Valentine's Day was expected to be $100.89. Do male and female consumers differ in the amounts they spend? The average expenditure in a sample survey of 60 male consumers was $137.25, and the average expenditure in a sample survey of 38 female consumers was 863.57. Based on past surveys, the standard deviation for male consumers is assumed to be 832, and the standard deviation for female consumers is assumed to be $14. The value is 2.576. Round your answers to 2 decimal places. a. What is the point estimate of the difference between the population mean expenditure for males and the population mean expenditure for females? b. At 99% confidence, what is the margin of error? c. Develop a 99% confidence interval for the difference between the two population means. to

USA Today reports that the average expenditure on Valentine's Day was expected to be $100.89. Do male and female consumers differ in the amounts they spend? The average expenditure in a sample survey of 60 male consumers was $137.25, and the average expenditure in a sample survey of 38 female consumers was 863.57. Based on past surveys, the standard deviation for male consumers is assumed to be 832, and the standard deviation for female consumers is assumed to be $14. The value is 2.576. Round your answers to 2 decimal places. a. What is the point estimate of the difference between the population mean expenditure for males and the population mean expenditure for females? b. At 99% confidence, what is the margin of error? c. Develop a 99% confidence interval for the difference between the two population means. to

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose that SAT scores among U.S. college students are normally distributed with a mean of 500 and a standard deviation of 100. What is the probability that a randomly selected individual from this population has an SAT score between 500 and 600? 0.1587 0.3173 0.4207 0.3413
The score obtained on an emotional intelligence test is normally distributed,with an average score (μ) of 112 and a standard deviation (σ) of 8.5. What is the probability that a randomly selected person will:Q.6.3.1 Obtain a score between 111 and 116? Interpret your answer. Q.6.3.2 Obtain a score between 107 and 110? Interpret your answer.
The results of a national survey showed that on average, adults sleep 6.9 hours per night. Suppose that the standard deviation is 1.2 hours. Round your answers to the nearest whole number. Use Chebyshev's theorem to calculate the percentage of individuals who sleep between 4.5 and 9.3 hours. At least Use Chebyshev's theorem to calculate the percentage of individuals who sleep between 3.9 and 9.9 hours. At least Assume that the number of hours of sleep follows a bell-shaped distribution. Use the empirical rule to calculate the percentage of individuals who sleep between 4.5 and 9.3 hours per day. At least How does this result compare to the value that you obtained using Chebyshev's theorem in part (a)?
A large consumer goods company ran a television advertisement for one of its soap products. On the basis of a survey that was conducted, probabilities were assigned to the following events. B = individual purchased the product S = individual recalls seeing the advertisement BnS = individual purchased the product and recalls seeing the advertisement The probabilities assigned were P(B) = 0.20, P(S) = 0.40, and P(BS) = 0.12. a. What is the probability of an individual's purchasing the product given that the individual recalls seeing the advertisement (to 1 decimal)? Does seeing the advertisement increase the probability that the individual will purchase the product? - Select your answer - As a decision maker, would you recommend continuing the advertisement (assuming that the cost is reasonable)? - Select your answer - + b. Assume that individuals who do not purchase the company's soap product buy from its competitors. What would be your estimate of the company's market share (to the…
A pension fund manager is considering three mutual funds. The first is a stock fund, the second is a long-term government and corporate bond, and the third is a T-bill money market fund that yields a rate of 8%. The mean and the standard deviation of the risky funds is as follows: Expected Return Standard Deviation Stock fund (S) 20% 30% Bond fund (B) 12% 15% The correlation between the fund returns is 0.10. Your client’s degree of risk aversion is A = 3.5. Given the utility function: U = E(r) - 1/2 A Sigma^2 What proportion, y, of the total investment should be invested in the tangency portfolio so that your client can maximize his/her expected utility? What is the expected value and standard deviation of the rate of return on your client’s optimized portfolio?
A poll commissioned by a politician estimates that t days after he makes a statement denegrating women, the percentage of his constituency (those who support him at the time he made the statement) that still supports him is given by S(t) = 75(t2 − 3t + 25)/t2+3t+25The election is 10 days after he made the statement. Was the approval rate positive or negative on the date of the election?
Assume that you are working for the Consumer Protection Agency and have recently been getting complaints about the highway gas mileage of the new Dodge Caravans. Chrysler Corporation agrees to allow you to randomly select 40 of its new Dodge Caravans to test the highway mileage. Chrysler claims that the Caravans get 28 mpg on the highway. Your results show a mean of 26.7 and a standard deviation of 4.2. You support Chrysler’s claim. 1. Show whether or not you support Chrysler’s claim by listing the P-value from your output.After more complaints, you decide to test the variability of the miles per gallon on the highway. From further questioning of Chrysler’s quality control engineers, you find they areclaiming a standard deviation of no more than 2.1. Use a one-tailed test.2. Test the claim about the standard deviation.3. Write a short summary of your results and any necessary action that Chrysler must take toremedy customer complaints.4. State your position about the necessity to…
ASAP Exercise 7-48 (Algo) (LO7-3) According to a government study among adults in the 25- to 34-year age group, the mean amount spent per year on reading and entertainment is $2,125. Assume that the distribution of the amounts spent follows the normal distribution with a standard deviation of $439. (Round your z-score computation to 2 decimal places and final answers to 2 decimal places.) a. What percent of the adults spend more than $2,400 per year on reading and entertainment? b. What percent spend between $2,400 and $3,400 per year on reading and entertainment? c. What percent spend less than $1,000 per year on reading and entertainment?
You survey 5 members of a college class about how many hours they study each week: 12 hours, 18 hours, 7 hours, 3 hours, and 15 hours. The class has a total of 28 students. Based on the findings from the 5 students you interviewed, what is the standard deviation for the entire class? What is the range of hours you can expect students to study based on one standard deviation? (Hint: Think Normal Distribution Curve).
You hope to rent an unfurnished one-bedroom apartment in Dallas next year. You call a friend who lives there and ask him to give you an estimate of the mean monthly rate. Having recently taken a statistics course, your geeky friend asks about the desired margin of error and confidence level for the estimate. He also tells you that the standard deviation of monthly rents for one-bedrooms is $360. Explain why in either case your geeky friend's sample may result in a bigger margin of error than desired. A bigger margin of error might result due to O rounding O a smaller guessed value for the population standard deviation sg O smaller confidence interval O a larger sample size
A manufacturer claims that the calling range (in feet) of its 900-MHz cordless telephone is greater than that of its leading competitor. A sample of 1010 phones from the manufacturer had a mean range of 11801180 feet with a standard deviation of 4141 feet. A sample of 2020 similar phones from its competitor had a mean range of 11101110 feet with a standard deviation of 3535 feet. Do the results support the manufacturer's claim? Let μ1�1 be the true mean range of the manufacturer's cordless telephone and μ2�2 be the true mean range of the competitor's cordless telephone. Use a significance level of α=0.01�=0.01 for the test. Assume that the population variances are equal and that the two populations are normally distributed. Step 2 of 4 : Compute the value of the t test statistic. Round your answer to three decimal places.
A health expert evaluates the sleeping patterns of adults. Each week she randomly selects 40 adults and calculates their average sleep time. Over many weeks, she finds that 5% of average sleep time is less than 3 hours and 5% of average sleep time is more than 3.4 hours. What are the mean and standard deviation (in hours) of sleep time for the population? (Round "Mean" to 1 decimal places and "standard deviation" to 3 decimal places.) Mean Standard deviation