A Philippine labor group wishes to know if the mean income of managers in the retail industry is still at 40,000 pesos per month. Based from previous data, the income of managers in the retail industry is normally distributed with a standard deviation of 5,000 pesos per month. A random sample of 23 managers reveals a sample mean of 42,400 pesos. A. What is the best point estimate for the true mean income of managers in the retail industry per month? a.40000 b.23 c.5000 d.42400 B. Find the 98% confidence interval for the true mean in
STATISTICS AND PROBABILITY
Multiple Choice! No long explaantion needed. THUMBS-UP will be given!
A Philippine labor group wishes to know if the mean income of managers in the retail industry is still at 40,000 pesos per month. Based from previous data, the income of managers in the retail industry is
A. What is the best point estimate for the true mean income of managers in the retail industry per month?
a.40000
b.23
c.5000
d.42400
B. Find the 98% confidence interval for the true mean income of managers in the retail industry per month.
a. [39784.92, 45015.08]
b. [40356.56, 44443.44]
c. [39970.81, 44829.19]
d. [39715.38, 45084.62]
C. What can we assert with 98% confidence about the possible size of error e if you estimate the true mean income of managers in the retail industry to be 42,400 pesos per month?
a. The error will not exceed 2043.44
b.The error will not exceed 2429.19
c.The error will not exceed 2615.08
d.The error will not exceed 2684.62
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![MATLAB: An Introduction with Applications](https://www.bartleby.com/isbn_cover_images/9781119256830/9781119256830_smallCoverImage.gif)
![Probability and Statistics for Engineering and th…](https://www.bartleby.com/isbn_cover_images/9781305251809/9781305251809_smallCoverImage.gif)
![Statistics for The Behavioral Sciences (MindTap C…](https://www.bartleby.com/isbn_cover_images/9781305504912/9781305504912_smallCoverImage.gif)
![MATLAB: An Introduction with Applications](https://www.bartleby.com/isbn_cover_images/9781119256830/9781119256830_smallCoverImage.gif)
![Probability and Statistics for Engineering and th…](https://www.bartleby.com/isbn_cover_images/9781305251809/9781305251809_smallCoverImage.gif)
![Statistics for The Behavioral Sciences (MindTap C…](https://www.bartleby.com/isbn_cover_images/9781305504912/9781305504912_smallCoverImage.gif)
![Elementary Statistics: Picturing the World (7th E…](https://www.bartleby.com/isbn_cover_images/9780134683416/9780134683416_smallCoverImage.gif)
![The Basic Practice of Statistics](https://www.bartleby.com/isbn_cover_images/9781319042578/9781319042578_smallCoverImage.gif)
![Introduction to the Practice of Statistics](https://www.bartleby.com/isbn_cover_images/9781319013387/9781319013387_smallCoverImage.gif)