A university has 5,000 students. The manager of food services at the university is interested in determining the total lunch expenditure. A simple random sample of 121 lunch receipts was selected. The sample showed an average of $3 with a standard deviation of $0.40.
a.Estimate the standard error of the sample mean.b.Develop an approximate 95% confidence interval for the population mean.c.Estimate the population's total expenditure for lunch.d.Develop an approximate 95% confidence interval for the total expenditure for lunch.
What will be an ideal response?
| a. | 0.0161 |
| b. | 2.97 to 3.03 (rounded) |
| c. | 15,000 |
| d. | 14,850.00 to 15,150 |
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