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The U.S. Bureau of Labor Statistics released hourly wage figures for western countries in 2000 in the manufacturing sector. The hourly wage was $24.01 in Germany, $22.00 in Japan, and $19.86 in the United States.
PROBLEM:
Suppose 50 manufacturing workers are selected randomly from across the United States. What is the probability that the sample average will be less than $18.50?
NOTE: Assume that in all three countries, the standard deviation of hourly labor rates is $3.
To test whether the population mean is less than a specified value.
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What is the smallest level of significance at which you could reject the null in favor of the alternative hypothesis?
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In order not to violate the requirements necessary to use the chi-square distribution, each expected frequency in a goodness of fit test must be:
A population has mean 325 and variance 144. Suppose the distribution of sample means is generated by random samples of size 36.
An education expert is researching teaching methods and wishes to interview teachers from a particular school district. She randomly selects ten schools from the district and interviews all of the teachers at the selected schools.
Compute z values for each and comment on your findings.
The article claims that the distributions of annual returns for both common stocks and long-term government bonds are bell-shaped and approximately symmetric. Assume that these distributions are distributed as normal random variables with the mea..
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