The 92 million Americans of age 50 and over control 50 percent of all discretionary income (AARP Bulletin, March 2008). AARP estimated that the average annual expenditure on restaurants and carryout food was $1,873 for individuals in this age group. Suppose this estimate is based on a sample of 80 persons and that the sample standard deviation is $550.
1. At 95% confidence, what is the margin of error?Answer122
2. What is the 95% confidence interval for the population mean amount spent on restaurants and carryout food?Answer$1751 to $1995
3. What is your estimate of the total amount spent by Americans of age 50 and over on restaurants and carryout food?Answer$172, 316 million
4. If the amount spent on restaurants and carryout food is skewed to the right, would you expect the median amount spent to be greater or less than $1,873?
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more