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Q: Statistical Margin of Error for dollar values ( No Answer,   0 Comments )
Question  
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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