Answered: Another labor market analyst also…

Name: Another labor market analyst also believes that the average wage in th
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Description: Another labor market analyst also believes that the average wage in the United States equals $30 per hour. Unfortunately, he does not have the funding to conduct a large survey and does not know the population standard deviation of wages. A random sa

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Another labor market analyst also believes that the average wage in the United States equals $30 per hour. Unfortunately, he does not have the funding to conduct a large survey and does not know the population standard deviation of wages. A random sample of n = 16 is taken and the average wage for that sample is found to be $25.80. The sample standard deviation is calculated to be s = $7. Test this analyst’s claim at the 0.05 and 0.01 levels and compare your results A bank CEO believes average balances in checking deposits exceed $1,000 in American banks. Suppose she knows that the population standard deviation of deposits σ = $150. A random sample of n = 900 is taken and the average checking deposit balance for that sample equals $1,008. Test the COE’s claim at the 0.05 level.

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