Question 1: What is the sample standard deviation for the salaries?
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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Bilqees, a prospective university student who just matriculated, must decide which profession she will study towards. She has a passion for economics but will only follow her passion if she can determine whether economics graduates are paid well in the labour market (if not, she will choose to study accounting). She decides that if economics graduates earn, on average, R250 000 per year within five years of graduation she will pursue the study of economics.
Bilqees asks her older sibling, an econometrician, to help her estimate the average salary of economics graduates based on a small sample using confidence interval estimation . She interviews a sample of eight recent economics graduates who are currently employed in order to investigate whether the average salary is at least as high as her requirement. These data are handed to her sibling for confidence interval estimation and are given below (measured in thousands of rands):
X
287
196
276
252
275
325
204
185
Question 1: What is the sample standard deviation for the salaries?
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