Stats Solutions

[Solution] A research firm conducted a survey to determine the mean amount steady smokers spend on cigarettes during a week. A sample of 49 steady smokers

Question: A research firm conducted a survey to determine the mean amount steady smokers spend on cigarettes during a week. A sample of 49 steady smokers revealed that \(\bar{X}\) = $20 and s = $5.

  1. What is the point estimate of the population mean? Explain what it indicates.
  2. Using the 95 percent level of confidence, determine the confidence interval for \(\bar{X}\). Explain what it indicates.

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