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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.
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Variance The term variance was used to describe the square of the standard deviation by R.A.Fisher. The concept of variance is highly important in areas where it is possible to
Importance of official statistic
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In simple regression the dependent variable Y was assumed to be linearly related to a single variable X. In real life, however, we often find that a dependent variable may depend o
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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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