# SOLUTION: Rising prescription drug prices caused the U.S. Congress to consider laws that would force pharmaceutical companies to offer prescription discounts to senior citizens without drug

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 Question 442749: Rising prescription drug prices caused the U.S. Congress to consider laws that would force pharmaceutical companies to offer prescription discounts to senior citizens without drug benefits. The House Government Reform Committee provided data on the prescription cost of some of the most widely used drugs (Newsweek, May 8, 2000). Assume the following data show a sample of the prescription cost in dollars for ZocorŪ, a drug used to lower cholesterol: 110, 112, 115, 99, 100, 98, 104, 126. Assuming a normal population distribution, what is the 95% confidence interval estimate of the population mean cost for a prescription of ZocorŪ? _________________Answer by ewatrrr(10682)   (Show Source): You can put this solution on YOUR website! ``` Hi sample of the prescription cost in dollars for ZocorŪ, a drug used to lower cholesterol: 110, 112, 115, 99, 100, 98, 104, 126 Find 95% confidence interval estimate of the population mean cost for a prescription of ZocorŪ? re sample data: (need to use calulator or exel 'data analysis' tool,etc) mean = 108 SD = 9.6666 ME = [9.6666/sqrt(8)] = 6.6986 CI: 108- 6.6986 < u < 108 + 6.6986 a a/2 crtical regions 90% 0.1 5% z <-1.645 z >+1.645 92% 0.8 4% z <-1.751 z >+1.751 95% 0.05 2.50% z <-1.96 z >+1.96 98% 0.02 1% z <-2.33 z >+2.33 99% 0.01 0.50% z<-2.575 z >+2.575 ewatrrr@aol.com private/pay tutoring Inquiries only, please. ```