14. a national retail foundation found households intended to spend an average of $649 during the december holiday season(The wall street journal, december 2nd 2002). Assume that 600 households were sampled and the sample standard deviation was $175.
A. what is the point estimate of the population mean?
B.What is the standard error of the sample mean?
C. what is the critical value used for a 95% confidence level?
D. construct a 95% confidence interval for the population mean of household spending.
E.Write a sentence about the confidence interval and explain what the interval tells you.
15.The national mean sales price for new one-family homes is $181,900(the new york times almanac 2000) A sample of 40- one family home sales in the South showed a sample mean of $166400 and a sample stardard deviation of 33,500.
A. formulate the null and alternative hypothesis that can be used to determine whether the sample data support the conclusion that the population mean sales price for new one family homes in the south is less than the national mean of 181,900.
B. compute the test statistic for the hypotheses.
C.find a critical value for this test. Using alpha=.05 what is your conclusion about the hypotheses.
D.state your conclusion within the context of the problem.