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A market research company surveys individuals to determine how much money they spend each year on clothing. They sample 30 individuals and the sample mean is $1287 with a sample standard deviation of 632.
Required:
1. Estimate the population expenditure on clothing with 95% confidence.
2. Estimate the population expenditure on clothing with 99% confidence.
3. Describe the difference between your results in 1 and 2.
If the population mean was $1047 in the previous year, does the evidence suggest that expenditure this year has significantly changed?
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This is called a one-time fling. About 10% of all adults deliberately do a opne-time fling and feel no guilt about it!
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