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The Cincinnati Enquirer, in its Sunday business supplement, reported that the mean number of hours worked per week by those employed full time is 43.9. The article fur- ther indicated that about one-third of those employed full time work less than 40 hours per week. a. Given this information and assuming that number of hours worked follows the nor- mal distribution, what is the standard deviation of the number of hours worked? b. The article also indicated that 20% of those working full time work more than 49 hours per week. Determine the standard deviation with this information. Are the two esti- mates of the standard deviation similar? What would you conclude?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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