Question

The mean cost of a meal for two in a mid-range restaurant in Tokyo is $40 (Numbeo.com website, December 14, 2014). How do prices for comparable meals in Hong Kong compare? The data file HongKongMeals contains the costs for a sample of 42 recent meals for two in Hong Kong mid-range restaurants. a. Use Excel's Data Analysis to get the descriptive statistics printout. b. With 95 % confidence, what is the margin of error? c. What is the 95% confidence interval estimate of the population mean? I d. What is the 90% confidence interval estimate of the population mean? Summary about cost of living in Hong Kong: Four-person family monthly costs: 3,537.19$ (27,689.62HK$) without rent (using our estimator) A single person monthly costs: 992.27$ (7,767.64HK$) without rent. Cost of living index in Hong Kong is 18.38% higher than in Indianapolis. Cost of living rank 32th out of 384 cities in the world. Hong Kong has a cost of living index of 78.69 Currency: HKD Sticky Currency Switch to metric measurement units Restaurants [Edit] 50.00 HK$ Meal, Inexpensive Restaurant Meal for 2 People, Mid-range Restaurant, Three-course 400.00 HK$ McMeal at McDonalds (or Equivalent Combo Meal) Domestic Beer (1 pint draught) 35.00 HK$ 50.00 HK$ 60.00 HK$ Imported Beer (12 oz small bottle) 36.43 HK$ Cappuccino (regular) 9.38 HK$ Coke/Pepsi (12 oz small bottle) Water (12 oz small bottle) 7.90 HK$ Summary about cost of living in Tokyo: Four-person family monthly costs: 4,063.11$ (441,112.90) without rent (using our estimator) A single person monthly costs: 1,121.01$ (121,702.20) without rent. Cost of living index in Tokyo is 34.90% higher than in Indianapolis. Cost of living rank 13th out of 384 cities in the world. Tokyo has a cost of living index of 89.67. Currency: USD Sticky Currency Switch to metric measurement units [Edit ] Restaurants Meal, Inexpensive Restaurant Meal for 2 People, Mid-range Restaurant, Three-course 9.21 $ 52.96 $ McMeal at McDonalds (or Equivalent Combo Meal) 6.36 $ Domestic Beer (1 pint draught) 4.14 $ 4.61 $ Imported Beer (12 oz small bottle) 3.67 $ Cappuccino (regular) 1.36 $ Coke/Pepsi (12 oz small bottle) 1.01 $ Water (12 oz small bottle)

Answer 1

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