any B? State and describe two properties you would like the estimator to possess? b. Approximate the 95% confidence interval for the difference in the average weekly wage between company A and company
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
A union spokesman complained to company A that labourers employed there were paid lower wages on average than those employed by company B. A randomly chosen sample of 60 labourers from company A yielded a weekly average of $556.6 and a weekly standard deviation of $10.56.
A random sample of 60 labourers employed by company B yielded a weekly sample mean and standard deviation of $561.44 and $19.36, respectively.
a. What estimator would you use to generate a point estimate for difference in the average weekly wage paid out between company A and company B? State and describe two properties you would like the estimator to possess?
b. Approximate the 95% confidence interval for the difference in the average weekly wage between company A and company B.
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