Estimate the increase in cast for a semi private mom

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Question: How much is the cost of a hospital stay increasing? The mean cost of one day in a semiprivate room was reported to be 54848 in ?005 and 55260 in 2006 (The Wall Street Journal. January 2.20W). Assume the estimate for 2005 is a sample mean based on a sample size of 80 and the estimate for 2006 is a sample mean based on a sample size of 60.

a. Develop a point estimate of the increase in the cost of a semiprivate hospital roan from 2005 to 2006.

b. Historical data indicate that a population standard deviation of 5800 is a reasonable assumption for both years. Compute the margin of error for your estimate in part (a). Use 95% confidence.

c. Develop a 95% confidence i Mena, estimate of the increase in cast for a semi private MOM.

Reference no: EM131456747

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