The mean cost of a meal for two in a mid-range restaurant in tokyo is $40 (numbeo website, december 14, 2014). how do prices for comparable meals in hong kong compare? the datafile hongkongmeals contains the costs for a sample of 42 recent meals for two in hong kong mid-range restaurants. click on the datafile logo to reference the data. a. with 95% confidence, what is the margin of error (to 2 decimals)? b. what is the 95% confidence interval estimate of the population mean (to 2 decimals)? ( , ) c. how do prices for meals for two in mid-range restaurants in hong kong compare to prices for comparable meals in tokyo restaurants? the mean cost of comparable meals in hong kong is than in tokyo.

a. 2.13. b. (30.53, 34.79). c. The mean prices for two in mid-range restaurants in Hong Kong are relatively less than those in Tokyo restaurants.

Explanation:

The size of the sample is 42 and the mean of the sample is ∑ = 32.66 and the standard deviation of the sample (σ) is √[∑(-μ)^2 - 1] = √46.6092 = 6.8271

a. α = 1 - (95/100) = 0.05; α/2 = 0.025; the degree of freedom = n-1 = 42-1 = 41; tα/2 = t0.025 = 2.02. Thus, the error margin = (tα/2)*(σ/√n) = 2.02*(6.83/√42) = 2.1279

b. Lower level limit = 32.66 - 2.1279 = 30.5321; Upper level limit = 32.66+2.1279 = 34.7879. The interval estimate = (mean± margin of error) = (30.53, 34.79).

c. The mean prices for two in mid-range restaurants in Hong Kong are relatively less than those in Tokyo restaurants.