We want to investigate the income data.  In the Excel file Midterm  Data.xls there is a tab labeled "Income Data 2006".  The data in the tab is the income reported by 400 people in a salary survey.

            •  Compute the sample mean and sample standard deviation for the income data.

            •  Construct a 98% confidence interval for the income data.

            •  If you are working for CNN, how would you explain the confidence interval to your audience?  Does the confidence interval seem small enough?  What would you tell your audience about the implications of this data?  Provide a clear and complete answer.

Posted Date: 3/16/2013 5:35:13 AM | Location : United States

Ask an Expert

Related Discussions:- Compute the sample mean and sample standard deviation, Assignment Help, Ask Question on Compute the sample mean and sample standard deviation, Get Answer, Expert's Help, Compute the sample mean and sample standard deviation Discussions

Write discussion on Compute the sample mean and sample standard deviation
Your posts are moderated

Write your message here..

Related Questions

A new weight-watching company, A new weight-watching company, Weight Reduce... A new weight-watching company, Weight Reducers International, advertises that those who join will lose, on the average, 10 pounds the first two weeks with a standard deviation of 2

Construct a component bar chart, data:59,59,65,70,74 176,17... data:59,59,65,70,74 176,179,195,210,200

Bimodal distribution, There may be two values which occur with the same max... There may be two values which occur with the same maximum frequency. The distribution is then called bimodal. In a bimodal distribution, the value of mode cannot be determined with

Techniques, Q. 1 a) Describe the important quantitative techniques used in ... Q. 1 a) Describe the important quantitative techniques used in public system management. (10) b) Do you think the day will come when all decisions are made with the assistance of

M.com level, want to know fees want to know fees

Geometric mean, Geometric Mean is defined as the n th root of the ... Geometric Mean is defined as the n th root of the product of numbers to be averaged. The geometric mean of numbers X 1 , X 2 , X 3 .....X n is given as

Median, The median, as the name suggests, is the middle value of a series a... The median, as the name suggests, is the middle value of a series arranged in any of the orders of magnitude i.e. ascending or descending order. As distinct from the arithmetic

Make a decision about the claim, Make a decision about the given claim. Do... Make a decision about the given claim. Do not use any formal procedures and exact calculation. Use only the rare event rule. Claim: A coin favors head when tossed, and there

Limitations of arithmetic mean, The calculations of arithmetic mean m... The calculations of arithmetic mean may be simple and foolproof, but the application of the result may not be so foolproof. An arithmetic mean may not merely lack

Riemannian integral approximations, Investigate the use of fixed and perce... Investigate the use of fixed and percentile meshes when applying chi squared goodness-of-t hypothesis tests. Apply the oversmoothing procedure to the LRL data. Compare the res