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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.
Statistics Can Lead to Errors The use of statistics can often lead to wrong conclusions or wrong estimates. For example, we may want to find out the average savings by i
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Suppose that in the actual survey of 50 prospective customers, 6 subscribe to the 3 for all offer, what does this tell you about the previous estimate of the proportion of customer
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#question HOW TO TEST
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