Based on this output, what are the sample mean income and standard error of the mean income – ROUNDED TO THE NEAREST DOLLAR?  Suppose you somehow found out that the mean income for the population was in fact $78,000.  Based only on the confidence interval that you estimated, to what extent would you find that a reasonable number?  Why?

MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
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Based on this output, what are the sample mean income and standard error of the mean income – ROUNDED TO THE NEAREST DOLLAR? 

Suppose you somehow found out that the mean income for the population was in fact $78,000.  Based only on the confidence interval that you estimated, to what extent would you find that a reasonable number?  Why?

 

Case Processing Summary
Cases
Valid
Missing
Total
Percent
Percent
N
Percent
Income
1020
100.0%
0.0%
1020
100.0%
Descriptives
Statistic
Std. Error
Income
Mean
79189.87
1663.489
99% Confidence Interval
Lower Bound
74896.97
for Mean
Upper Bound
83482.78
5% Trimmed Mean
76294.04
Median
67466.35
Variance
2822540217
Std. Deviation
53127.584
Minimum
36
Maximum
212304
Range
212268
Interquartile Range
72301
Skewness
.798
.077
Kurtosis
-.271
.153
Transcribed Image Text:Case Processing Summary Cases Valid Missing Total Percent Percent N Percent Income 1020 100.0% 0.0% 1020 100.0% Descriptives Statistic Std. Error Income Mean 79189.87 1663.489 99% Confidence Interval Lower Bound 74896.97 for Mean Upper Bound 83482.78 5% Trimmed Mean 76294.04 Median 67466.35 Variance 2822540217 Std. Deviation 53127.584 Minimum 36 Maximum 212304 Range 212268 Interquartile Range 72301 Skewness .798 .077 Kurtosis -.271 .153
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