256 middle managers were randomly selected and their annual income noted. The sample mean is $35,420.00 and the sample standard deviation is $2050.00. a) What is the estimated mean income of all...
256 middle managers were randomly selected and their annual income noted. The sample mean is $35,420.00 and the sample standard deviation is $2050.00.
a) What is the estimated mean income of all middle managers?
b) What is the 89% confidence interval (rounded to the nearest $10)?
c)Interpret your answer for (b)?
- print Print
- list Cite
Expert Answers
calendarEducator since 2012
write511 answers
starTop subjects are Math, Science, and Business
a) The sample mean of the data is `barx =` $35,420, so our estimated mean income for any middle manager in the population is exactly that, $35,420.
b) Assuming that the income of middle managers is Normally distributed, then the sampling distribution of the sample mean variable `barX` is such that
`bar X` ~ Normal(`mu`, `sigma^2/n` )
` `where `mu` is the mean income of a middle manager and `sigma^2` is the population variance. We are interested in a conifdence interval for the mean `mu`.
We estimate the mean of `bar X`...
(The entire section contains 245 words.)
Unlock This Answer Now
Start your 48-hour free trial to unlock this answer and thousands more. Enjoy eNotes ad-free and cancel anytime.
Related Questions
- The annual income of A and B are in the ratio 3: 4 and their annual expenditure are in the ratio...
- 1 Educator Answer
- How many adults must be randomly selected to estimate the mean FICO score of working adults in...
- 1 Educator Answer
- For women aged 18-24, systolic blood pressures (in mm Hg) are normally distributed with a mean of...
- 1 Educator Answer
- The charge life of a certain lithium ion battery for camcorders is normally distributed, with...
- 1 Educator Answer
- Assume a population is normally distributed with a mean of 100 & a standard deviation of 15....
- 1 Educator Answer