Question: A study was conducted to estimate the mean amount spent on Christmas gifts for a typical family having two children. A sample of size 150

A study was conducted to estimate the mean amount spent on Christmas gifts for a typical family having two children. A sample of size 150 was taken, and the mean amount spent was $225. Assuming a standard deviation equal to $50,

a. find a 95% confidence interval for population mean , the mean for all such families.

b. What sample size would be needed to estimate the population mean to within one-half two sided standard deviation with 95% confidence?

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