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Mean Annual Household Consumption

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Estimate the mean annual amount spent on household consumption per family with a sample of 100 families, an average amount of $8,000 spent, and if the population standard deviation is $500,

For a 80% confidence level, z=1.282. The confidence interval estimate of the population mean annual amount spent is 7935.92 to 8064.08.

Show how Z=1.282 is calculated?

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This solution calculates the mean annual household consumption.

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Estimate the mean annual amount spent per customer, sample of 100 households, average amount of $8,000. If the population standard deviation ...

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