Interpretation for the margin of error

Reference no: EM1394086

Based on a simple random sample of one hundred an analyst estimates the average hourly wage earned by workers in a city to be $30 and computes the margin of error to be $5. Can we conclude from this that most workers there earn between $25 and $35 per hour? Is this the right interpretation for the margin of error?

Reference no: EM1394086

Questions Cloud

Determining weighted percentages : A business operates with 9 locations. Each year, each location is allotted an overtime budget based on the previous years' activity. The total overtime budget for all 9 locations is $10 million.

Determine the selling price of the equipment sold : Determine the cost and accumulated depreciation of the equipment sold during 20X4.- The cost of the equipment sold during 20X4 is 372,000 and the accumulated depreciation is

Sample required for the poll : Polls showed the two main candidates in the 2004 presidential election were nearly tied on the day before the election. To predict the winner a newspaper would like to have a poll that has margin of error less than 1%. Roughly how large a sample w..

Explain key drivers influencing health care organizations : Explain two or more key drivers influencing health care organizations and U.S. health care delivery system. Describe current and future implications of these drivers for health care administrators

Interpretation for the margin of error : Can we conclude from this that most workers there earn between $25 and $35 per hour? Is this the right interpretation for the margin of error?

Illustrate what could you do to address this difficulty : It is by no means a stretch to say we live in a very diverse country. There are countless different traditions also sub-traditions ranging from the "baby boomers" to the "differently able" to the GLBT community among many others.

Scatter diagram for best small companies : A recent article in Business Week listed the "Best Small Companies." We are interested in the current results of the companies' sales and earnings.

Regulating the lac operon : What would happen if the I gene was moved to a different location in the genome? What would happen if the lac promoter was moved to a different location?

Wendall company specializes in producing fashion outfits : the inventories in the warehouse and the factory were completely destroyed as was the general office nearby, Wendall company specializes in producing fashion outfits

User Account

All Pages