QUESTION 1 Suppose that a survey was commissioned by the Ministry of Finance in order to determine the income of local vendors as part of their project aimed at investigating the feasibility of the presumptive tax. A sample of 26 local vendors was selected and their sample mean monthly income and variance was found to be $ 7 600 and $1 250 ($ squared), respectively. a) What is the 90% confidence interval estimate for the population mean monthly income of the local vendors?  b) Provide an interpretation of the answer in a). c) What can be done to improve the precision of the confidence interval estimate in (a)?

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A: The total study hours per week has mean of 14 and standard deviation of 3.1 hours. μ=14σ=3.1

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A: Decision rule: If p-value ≤ α, then reject the null hypothesis. Otherwise, fail to reject the null…

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A:

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Q: Empirical Rule

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A: It is given that the mean of 14 and the standard deviation of 2.8.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.