What is confidence interval for the mean

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Reference no: EM133282370

Question - Suppose, according to a 1990 demographic report, the average U. S. household spends $92 per day. Suppose you recently (in 2021) took a random sample of 81 households in Huntsville and the results revealed a mean of $85.40. Suppose the standard deviation is known to be $12.40.

a. Can it be concluded that the average amount spent per day by U.S. households has changed?

b. What is 95% confidence interval for the mean of daily household spent? What does this interval mean?

Reference no: EM133282370

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