The average expenditure on Valentine's Day was expected to be $100.89 (USA Today, February 13, 2006). Do male and female consumers differ in the amounts they spend? The average expenditure in a sample survey of 56 male consumers was $130, and the average expenditure in a sample survey of 34 female consumers was $66. Based on past surveys, the standard deviation for male consumers is assumed to be $30, and the standard deviation for female consumers is assumed to be $14. The z 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.
The statistical software output for this problem is:
From above output:
a) Point estimate = 64
b) Margin of error = (76.04 - 51.96)/2 = 12.04
c) 99% confidence interval:
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