Econ 390 Assignment 5 1. Among 400 individuals, the mean weight was 140 pounds with a standard deviation of 20. a. We wish to know if on the basis of these data, we may conclude that the mean weight of 150 is rejected. (please go over both approached I mentioned in the lectures.) b. What is 95% confidence interval for the mean of weight? What does this interval mean? 1. Suppose, according to a 1990 demographic report, the average U. S. household spends per day. Suppose you recently (in 2021) took a random sample of 64 households in Huntsville and the results revealed a mean of $85.50. Suppose the standard deviation is known to be $12.50. a. Can it be concluded that the average amount spent per day by U.S. households has changed? (please provide 2 approached both the “Zscore” and “P-value” approach.) b. What is 95% confidence interval for the mean of daily household spent? What does this interval mean?
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