Instructions: Read and analyze each problem carefully. Write your complete solution on a short/long bond paper. Problem 1 A random sample of 50 full-time, hourly wage workers between the ages of 20 and 40 was selected from participants in the 2012 March Supplement, which is part of the Current Population Survey (a joint venture of the U.S. Bureau of Labor Statistics and Census Bureau). The hourly rate (in dollars) of these workers is given below. 7.25 30.09 12.00 25.00 8.00 27.53 14.20 31.00 20.00 18.00 12.00 28.12 16.50 8.00 9.00 15.00 15.10 18.00 17.43 14.00 11.00 15.25 34.50 8.00 14.80 7.80 33.07 10.55 19.00 19.50 12.25 18.00 24.00 27.50 15.00 6.75 30.00 10.30 27.00 14.50 8.00 14.00 10.00 11.75 15.00 28.00 7.50 28.50 16.25 11.75 a. Calculate the sample mean and standard deviation. b. Calculate a 95% confidence interval for u, the mean hourly wage of full-time, hourly wage workers between the ages 20 and 40. Because the sample size is large, use s, the sample standard deviation, in place of o, the unknown population standard deviation. c. A politician speaking around the time that the data for the 2012 March Supplement were collected claimed that salaries were rising. He stated that the average hourly rate for fulltime workers between the ages of 20 and 40 was $20.00. Does your confidence interval from (b) affirm or refute the politician's claim. Explain. d. After being confronted, the politician complained that we should have used a 99% confidence interval to estimate the mean hourly wage. Compute a 99% confidence interval for μ. Does the 99% confidence interval affirm his claim? Explain.
Instructions: Read and analyze each problem carefully. Write your complete solution on a short/long bond paper. Problem 1 A random sample of 50 full-time, hourly wage workers between the ages of 20 and 40 was selected from participants in the 2012 March Supplement, which is part of the Current Population Survey (a joint venture of the U.S. Bureau of Labor Statistics and Census Bureau). The hourly rate (in dollars) of these workers is given below. 7.25 30.09 12.00 25.00 8.00 27.53 14.20 31.00 20.00 18.00 12.00 28.12 16.50 8.00 9.00 15.00 15.10 18.00 17.43 14.00 11.00 15.25 34.50 8.00 14.80 7.80 33.07 10.55 19.00 19.50 12.25 18.00 24.00 27.50 15.00 6.75 30.00 10.30 27.00 14.50 8.00 14.00 10.00 11.75 15.00 28.00 7.50 28.50 16.25 11.75 a. Calculate the sample mean and standard deviation. b. Calculate a 95% confidence interval for u, the mean hourly wage of full-time, hourly wage workers between the ages 20 and 40. Because the sample size is large, use s, the sample standard deviation, in place of o, the unknown population standard deviation. c. A politician speaking around the time that the data for the 2012 March Supplement were collected claimed that salaries were rising. He stated that the average hourly rate for fulltime workers between the ages of 20 and 40 was $20.00. Does your confidence interval from (b) affirm or refute the politician's claim. Explain. d. After being confronted, the politician complained that we should have used a 99% confidence interval to estimate the mean hourly wage. Compute a 99% confidence interval for μ. Does the 99% confidence interval affirm his claim? Explain.
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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Transcribed Image Text:Instructions: Read and analyze each problem carefully. Write your complete
solution on a short/long bond paper.
Problem 1
A random sample of 50 full-time, hourly wage workers between the ages of 20 and 40
was selected from participants in the 2012 March Supplement, which is part of the Current
Population Survey (a joint venture of the U.S. Bureau of Labor Statistics and Census Bureau).
The hourly rate (in dollars) of these workers is given below.
30.09 12.00 25.00 8.00
27.53 14.20 31.00 20.00
18.00
15.10 18.00 17.43
14.00
7.25
12.00 28.12 16.50 8.00 9.00
15.25 34.50 8.00 14.80 7.80
27.50 15.00
15.00
11.00 33.07 10.55 19.00
19.50
12.25 18.00 24.00
6.75
30.00 10.30 27.00 14.50
8.00 14.00 10.00 11.75 15.00 28.00
7.50 28.50 16.25 11.75
a. Calculate the sample mean and standard deviation.
b. Calculate a 95% confidence interval for μ, the mean hourly wage of full-time, hourly wage
workers between the ages 20 and 40. Because the sample size is large, use s, the sample
standard deviation, in place of o, the unknown population standard deviation.
c. A politician speaking around the time that the data for the 2012 March Supplement were
collected claimed that salaries were rising. He stated that the average hourly rate for fulltime
workers between the ages of 20 and 40 was $20.00. Does your confidence interval from (b)
affirm or refute the politician's claim. Explain.
d. After being confronted, the politician complained that we should have used a 99%
confidence interval to estimate the mean hourly wage. Compute a 99% confidence interval for
μ. Does the 99% confidence interval affirm his claim? Explain.
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