Study Conducted by Research Department in Pharmaceutical Company

Study Conducted by Research Department in Pharmaceutical Company in $7 only…

For a study conducted by the research department of a pharmaceutical company, 240 randomly selected individuals were asked to report the amount of money they spend annually on prescription allergy relief medication. The sample mean was found to be $17.60, with a standard deviation of $5.50. A random sample of 245 individuals was selected independently of the first sample. These individuals reported their annual spending on non-prescription allergy relief medication. The mean of the second sample was found to be $18.40, with a standard deviation of $4.30. As the sample sizes were quite large, it was assumed that the respective population standard deviations of the spending for prescription and non-prescription allergy relief medication could be estimated by the respective sample standard deviation values given above.

Construct a 95% confidence interval for the difference µ1 – µ2 between the mean spending on prescription allergy relief medication (µ1) and the mean spending on non-prescription allergy relief medication (µ2).

Summary of sample statistics

Size Mean Std. Dev.

Sample 1 240 17.6 5.5

Sample 2 245 18.4 4.3

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