According to a recent article in USA Today, Americans spend $484 per year on alcoholic beverages. As a market research firm for a local wine distributor, you have accessed data on a random sample of 150 Boston residents to see if their spending is higher than average, and perhaps a good area for your client to make a local investment. The average spending in the sample is $404, with a standard deviation of $102. Does this represent a significant difference? Determine this using a 95% confidence level.
According to a recent article in USA Today, Americans spend $484 per year on alcoholic beverages. As a market research firm for a local wine distributor, you have accessed data on a random sample of 150 Boston residents to see if their spending is higher than average, and perhaps a good area for your client to make a local investment. The average spending in the sample is $404, with a standard deviation of $102. Does this represent a significant difference? Determine this using a 95% confidence level.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.5: Correlation And Causation
Problem 11PPS
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- According to a recent article in USA Today, Americans spend $484 per year on alcoholic beverages. As a market research firm for a local wine distributor, you have accessed data on a random sample of 150 Boston residents to see if their spending is higher than average, and perhaps a good area for your client to make a local investment. The average spending in the sample is $404, with a standard deviation of $102. Does this represent a significant difference? Determine this using a 95% confidence level.
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