(b) Let us say that the preceding data are representative of the entire sector of (successful) financial services corporations. Find a 75% confidence interval for ?, the average annual profit per employee for all successful banks. (Round your answers to two decimal places.) lower limit ___________ thousand dollars upper limit ____________ thousand dollars (d) Suppose the annual profits are more than 40 thousand dollars per employee. As manager of the bank, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (b). A. No. This confidence interval suggests that the bank profits are higher than those of other financial institutions. B. No. This confidence interval suggests that the bank profits do not differ from those of other financial institutions. C. Yes. This confidence interval suggests that the bank profits are higher than those of other financial institutions. D. Yes. This confidence interval suggests that the bank profits do not differ from those of other financial institutions. (e) Find a 90% confidence interval for ?, the average annual profit per employee for all successful banks. (Round your answers to two decimal places.) lower limit _____________ thousand dollars upper limit ______________ thousand dollars
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Jobs and productivity! How do banks rate? One way to answer this question is to examine annual profits per employee. The following is data about annual profits per employee (in units of 1 thousand dollars per employee) for representative companies in financial services. Assume ? ≈ 9.2 thousand dollars.
42.5 29.2 41.8 26.4 29.9 34.8 43.2 50.9 42.5 33.0 33.6
36.9 27.0 47.1 33.8 28.1 28.5 29.1 36.5 36.1 26.9 27.8
28.8 29.3 31.5 31.7 31.1 38.0 32.0 31.7 32.9 23.1 54.9
43.8 36.9 31.9 25.5 23.2 29.8 22.3 26.5 26.7
(b) Let us say that the preceding data are representative of the entire sector of (successful) financial services corporations. Find a 75% confidence interval for ?, the average annual profit per employee for all successful banks. (Round your answers to two decimal places.)
lower limit ___________ thousand dollars
upper limit ____________ thousand dollars
(d) Suppose the annual profits are more than 40 thousand dollars per employee. As manager of the bank, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (b).
A. No. This confidence interval suggests that the bank profits are higher than those of other financial institutions.
B. No. This confidence interval suggests that the bank profits do not differ from those of other financial institutions.
C. Yes. This confidence interval suggests that the bank profits are higher than those of other financial institutions.
D. Yes. This confidence interval suggests that the bank profits do not differ from those of other financial institutions.
(e) Find a 90% confidence interval for ?, the average annual profit per employee for all successful banks. (Round your answers to two decimal places.)
lower limit _____________ thousand dollars
upper limit ______________ thousand dollars
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