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Subject:
Statistical Margin of Error for dollar values
Category: Business and Money > Advertising and Marketing Asked by: jeannehayes-ga List Price: $25.00 |
Posted:
21 Sep 2004 12:46 PDT
Expires: 21 Oct 2004 12:46 PDT Question ID: 404297 |
I understand margin of error for a simple 'yes/no' answer. But if we are comparing mean dollars on a survey, and we are trying to compare the results of two different means, how do we calculate a margin of error that is plus/minus 7%? One of the values is $16.00 and the other is $12.00. The first value is an independent answer. The second is the sum of two subsets of the first. I want to know the margin of error and am told it is plus/minus $7.00. Is this correct? |
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