[CUSTOM SOLUTION] Random Variable and Parameter

Variable Name in the Data SetVariable TypeDescriptionQualitative or QuantitativeVariable 1:SocioeconomicVariable 2:ExpenditureVariable 3:ExpenditureData Set Description and Method Used for Analysis:Briefly describe the data set, using information provided with data set and write up in Assignment #2. Also describe what method(s) (i.e., free web applets, Excel, TI Calculator) you used to analyze the data.1. Confidence Interval Analysis: For one expenditure variable, select and run the appropriate method for estimating a parameter, based on a statistic (i.e., confidence interval method) and complete the following table (Note: Format follows Kozak outline):Table 2: Confidence Interval Information and ResultsName of Variable:State the Random Variable and Parameter in Words:Confidence interval method including confidence level and rationale for using it:State and check the assumptions for confidence interval:Method Used to Analyze Data:Find the sample statistic and the confidence interval:Statistical Interpretation:

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