10 May A Marketing Firm Wants To Estimate The Average Amount Spent By Patients At The Hospital Pharmacy …
1. A marketing firm wants to estimate the average amount spent by patients at the hospital pharmacy. For a sample of 55 randomly selected patients, the mean amount spent was $55.35 and the standard deviation was $8.50.
(a) Find a 99% confidence interval for the mean amount spent by patients at the pharmacy. Show your calculations and/or explain the process used to obtain the interval.
(b) Interpret this confidence interval and write a sentence that explains it.
2. A drug manufacturer wants to estimate the percentage of patients who experience cotton mouth when taking their heart medication. A survey of 600 patients who took their drug found that 63 experienced cotton mouth.
(a) Find a 99% confidence interval for the true proportion of patients who experienced cotton mouth. Show your calculations and/or explain the process used to obtain the interval.
(b) Interpret this confidence interval and write a sentence that explains it
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