Purchase Solution

Determining the 95% Conf. Interval Estimates of the Mean

Not what you're looking for?

Ask Custom Question

12.3-question 1
A statistics practitioner has been given the task of making these predictions. Accordingly, random samples of four groups of Canadians were drawn. They are

Group Ages
1 45-64
2 65-74
3 75-84
4 85 and over

Age group 2011 2016 2021 2026 2031
45-64 9718 10013 10065 9996 10016
65-74 2644 3344 3992 4511 4846
75-84 1600 1718 2045 2627 3169
85+ 639 738 810 909 1121

The medical expenses for the previous 12 months were recorded and stored in columns 1 to 4 in c12-03. Projections for 2011, 2016, 2021,2026 and 2031 of the numbers of Canadians (in thousands) in each age category are listed above.
a) Determine the 95% confidence interval estimates of the mean medical costs for each of the four age categories.
b) For each year listed, determine the 95% confidence interval estimates of the total medical costs for Canadians 45 years old and older.

Attachments
Purchase this Solution

Solution Summary

The solution provides two different step by step methods of creating 95% confidence interval estimates of the mean in Excel.

Solution Preview

Dear Student,

I used Excel's statistical tool to solve the problem. This is how you do it in Excel:

Go to Tools --> Data Analysis --> Descriptive Statistics

Please note that, you can also calculate ...

Purchase this Solution


Free BrainMass Quizzes
Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.