According to a bridal magazine, the average cost of a wedding reception for an American wedding is $8213. Assume that this average is based on a random sample of 450 weddings and that the standard deviation is $2185. a. What is the point estimate of the corresponding population mean?
b. What is the margin of error for this estimate (use2 standard deviations (divided by Vn) to either side of the mean is used when no specific confidence level is stated).
c. Create and interpret a 98% confidence interval for the corresponding population mean.

a. The point estimate of the corresponding population mean is of $8213.

b. The margin of error is of $103.

c. The 98% confidence interval for the corresponding population mean is between $7973.5 and $8452.5, which means that for all weedings, we are 98% sure that the true population mean is in this interval.

Step-by-step explanation:

Central Limit Theorem

The Central Limit Theorem estabilishes that, for a normally distributed random variable X, with mean and standard deviation , the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean and standard deviation .

For a skewed variable, the Central Limit Theorem can also be applied, as long as n is at least 30.

a. What is the point estimate of the corresponding population mean?

The sample mean is of $8213. So, by the Central Limit Theorem, the point estimate of the corresponding population mean is of $8213.

b. What is the margin of error for this estimate (use2 standard deviations (divided by Vn) to either side of the mean is used when no specific confidence level is stated).

Sample of 450, standard deviation of $2185. So

The margin of error is of $103.

c. Create and interpret a 98% confidence interval for the corresponding population mean.

The confidence interval is given by:

In which is the sample mean and z is the value related to the confidence level.

98% confidence level

So , z is the value of Z that has a pvalue of , so .

Then

The 98% confidence interval for the corresponding population mean is between $7973.5 and $8452.5, which means that for all weedings, we are 98% sure that the true population mean is in this interval.

d

step-by-step explanation:

hello and welcome!

so, when we see the words "proportional" along with a table, we need to know that we're looking numbers that divide by the same thing.

looking at this table, we simply have to do a trial and error, and divide to see which numbers have the same quotient. if you look at choice a & c, they both have equal quotients for three of the numbers, with one exception, so those can't be the answer. looking at b, there is no similarity, so that can't be it. then, we see d; if you divide all the numbers in the table, you'll see that they all divide by two, which is a proportional relationship, and our answer!

also, always remember that the x will always be the number that goes into y, and somewhere behind this table, is a formula. for this specific table, the formula would be:

since our x-value is being divided by two to get the y-value. and if they were to ask for more numbers in the series, this is the formula you would use to find them.

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