You are opening your own wedding planning business and are conducting some market research. According to The Knot Real Weddings Study, the average cost of a wedding in the U.S. is $35,000. You are skeptical about whether these numbers apply to the Piedmont Triad area—your target market and so you decide to conduct your own survey. After randomly sampling 40 recently married couples, you find an average cost of $32,000 with a standard deviation of $10,000. 1. Find the 90% confidence interval for the mean wedding cost in the Piedmont Triad. a. What is the point estimate of the mean wedding cost for the Piedmont Triad? 32,000 b. Find the standard error of the mean. 1,581.1388 c. Find the critical value. (You'll need to decide whether to use a z-score or a t-score.) 2.0227 d. Put it together to find the confidence interval. 2. What is the margin of error for the 90% confidence interval?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

I need the answer to question 2 please.

You are opening your own wedding planning business and are conducting some market
research. According to The Knot Real Weddings Study, the average cost of a wedding in the U.S.
is $35,000.
You are skeptical about whether these numbers apply to the Piedmont Triad area—your target
market and so you decide to conduct your own survey. After randomly sampling 40 recently
married couples, you find an average cost of $32,000 with a standard deviation of $10,000.
1. Find the 90% confidence interval for the mean wedding cost in the Piedmont Triad.
a. What is the point estimate of the mean wedding cost for the Piedmont Triad?
32,000
b. Find the standard error of the mean.
1,581.1388
c. Find the critical value. (You'll need to decide whether to use a z-score or a t-score.)
2.0227
d. Put it together to find the confidence interval.
2. What is the margin of error for the 90% confidence interval?
Transcribed Image Text:You are opening your own wedding planning business and are conducting some market research. According to The Knot Real Weddings Study, the average cost of a wedding in the U.S. is $35,000. You are skeptical about whether these numbers apply to the Piedmont Triad area—your target market and so you decide to conduct your own survey. After randomly sampling 40 recently married couples, you find an average cost of $32,000 with a standard deviation of $10,000. 1. Find the 90% confidence interval for the mean wedding cost in the Piedmont Triad. a. What is the point estimate of the mean wedding cost for the Piedmont Triad? 32,000 b. Find the standard error of the mean. 1,581.1388 c. Find the critical value. (You'll need to decide whether to use a z-score or a t-score.) 2.0227 d. Put it together to find the confidence interval. 2. What is the margin of error for the 90% confidence interval?
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
steps

Unlock instant AI solutions

Tap the button
to generate a solution

Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education