Asked by Rose
Please help I am so lost and my book shows me nothing helpful. You are interested in the incomes of your customers. A sample of 100 customer incomes yields a standard deviation of $141,421 and a mean of $300,000:
a. Determine the point estimate
b. Determine the interval estimate at the 95% confidence level
c. Determine what percent of the population would have a salary above $455,000
a. Determine the point estimate
b. Determine the interval estimate at the 95% confidence level
c. Determine what percent of the population would have a salary above $455,000
Answers
Answered by
PsyDAG
a. Best point estimate from your data is your sample mean.
b. 95% = mean ± 1.96 SEm
SEm = SD/√n
c. Z = (score-mean)/SD
Find table in the back of your statistics text labeled something like "areas under normal distribution" to find the proportion/probability related to the Z score.
b. 95% = mean ± 1.96 SEm
SEm = SD/√n
c. Z = (score-mean)/SD
Find table in the back of your statistics text labeled something like "areas under normal distribution" to find the proportion/probability related to the Z score.
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