Interpret this value in terms of the annual cost (in dollars) of attending private and public colleges. We estimate that the mean annual cost to attend private colleges is $ more than the mean annual cost to attend public college
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The average annual cost (including tuition, room, board, books, and fees) to attend a public college takes nearly a third of the annual income of a typical family with college-age children. At private colleges, the average annual cost is equal to about 60% of the typical family's income. The following random samples show the annual cost of attending private and public colleges. Data are in thousands of dollars. Private Colleges 53.8 44.2 45.0 32.3 44.0 29.6 46.8 37.8 50.5 42.0 Public Colleges 20.3 22.0 28.2 15.6 24.1 28.5 22.8 25.8 18.5 25.6 14.4 21.8 (a) Compute the sample mean (in thousand dollars) and sample standard deviation (in thousand dollars) for private colleges. (Round the standard deviation to two decimal places.) Sample mean: $ 41.40 thousand Sample standard deviation: $ 7.68 thousand Compute the sample mean (in thousand dollars) and sample standard deviation (in thousand dollars) for public colleges. (Round the standard deviation to two decimal places.) Sample mean: $ 22.08 thousand Sample standard deviation: $ 4.99 thousand (b) What is the point estimate (in thousand dollars) of the difference between the two population means? (Use Private − Public.) Point estimate: $ 19.32 thousand Interpret this value in terms of the annual cost (in dollars) of attending private and public colleges. We estimate that the mean annual cost to attend private colleges is $ 19,320 more than the mean annual cost to attend public college.
Dominador T.
The increasing annual cost (including tuition, room, board, books, and fees) to attend college has been widely discussed (Time.com). The following random samples show the annual cost of attending private and public colleges. Data are in thousands of dollars. Private Colleges 52.8 43.2 44.0 34.3 44.0 30.6 44.8 38.8 49.5 43.0 Public Colleges 20.3 22.0 28.2 15.6 24.1 28.5 22.8 25.8 18.5 25.6 14.4 21.8 (a) Compute the sample mean (in thousand dollars) and sample standard deviation (in thousand dollars) for private colleges. (Round the standard deviation to two decimal places.) sample mean $ 42.9 thousand sample standard deviation $ 6.85 thousand Compute the sample mean (in thousand dollars) and sample standard deviation (in thousand dollars) for public colleges. (Round the standard deviation to two decimal places.) sample mean $ 22.30 thousand sample standard deviation $ 4.53 thousand (b) What is the point estimate (in thousand dollars) of the difference between the two population means? (Use Private – Public.) $ 20.7 thousand Interpret this value in terms of the annual cost (in dollars) of attending private and public colleges. We estimate that the mean annual cost to attend private colleges is $ 20.7 more than the mean annual cost to attend public college (c) Develop a 95% confidence interval (in thousand dollars) of the difference between the mean annual cost of attending private and public colleges. (Use Private – Public. Round your answers to one decimal place.) $ 15.5 thousand to $ 25.7 thousand
Kari H.
The average annual cost (including tuition, room and board, and fees) to attend a public college takes nearly one-third of the annual income of a typical family with college-age children. For private colleges, the average annual cost equals about 60% of the typical family's income. The following random samples show the annual cost of attending private and public colleges. Data are in thousands of dollars. Private Colleges: 10, 22.0, 28.2, 40, 47, 92.3, 44.0, 15.6, 24.1, 28.5, 31.6, 44, 38.8, 50.5, 41.0, 22.8, 25.8, 25.6, 14.4, 21.8 Compute the sample mean (in thousand dollars) and sample standard deviation (in thousand dollars) for private colleges. (Round the standard deviation to two decimal places.) Sample mean: Sample standard deviation: Compute the sample mean (in thousand dollars) and sample standard deviation (in thousand dollars) for public colleges. (Round the standard deviation to two decimal places.) Sample mean: Sample standard deviation: (b) What is the difference between the two population means? (Use Private - Public) Difference: Interpret this value: Annual cost (in dollars) attending private and public colleges: We estimate that attending a public college costs, on average, more than the mean annual cost of attending private colleges. Develop a 95% confidence interval (in thousands of dollars) for the difference between the mean annual costs of attending private and public colleges. (Use Private - Public. Round your answer to two decimal places.) Confidence interval:
Adi S.
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