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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.
What would be the cutoff score to indicate a score that is in the top 15% of the scores on a test with a mean of 100 and a standard deviation of 15? This question has multiple p
Sequential Sampling Under this method, a number of sample lots are drawn one after another from a universe depending on the results of the earlier samples. Such sampling is gen
Flow Chart for Confidence Interval We can now prepare a flow chart for estimating a confidence interval for μ, the population parameter. Figure
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Sampling A Population is a collection of all the data points being studied. For example, if we are studying the annual incomes of all the people in India, then the population
First we look at these charts assuming that we know both the mean and the standard deviation of the process, that is μ and σ . These values represent the acceptable values (bench
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Standard Error The measure of reliability of the estimating equation that we have developed is given by standard error of estimate. The standard error of estimate represented b
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