You Are Attempting to Estimate the Average Amount a Family

question 55

Essay

You are attempting to estimate the average amount a family spends on food during a year.In the past,the standard deviation of the amount a family has spent on food during a year has been approximately $1200.If you want to be 99% sure that you have estimated average family food expenditures within $60,how many families do you need to survey?

---

Definitions:

Equipment Cost

Equipment cost refers to the purchase price and associated expenses of acquiring equipment for business operations, including delivery and installation fees.

Depreciation Tax Shield

The reduction in taxable income that results from the allowance for depreciation expenses, lowering tax liability.

CCA Rate

Capital Cost Allowance rate, used for tax purposes to determine the yearly depreciation of tangible property.

Maintenance

The process of preserving or keeping equipment, systems, or facilities in effective operating condition through routine checks and repairs.