Notes pg120-126 - 120 Another Example Assume that for the...

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120 Another Example : Assume that for the population of graduates who majored in marketing, the mean annual starting salary is μ = $42,000 with a standard deviation of σ = $2000. Suppose that 36 of the most recent marketing graduates from USC had, on average, a starting salary of $40,998. What would you conclude?
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121 Statistical Inference and the Population Proportion, p Population proportion—the fraction of items in the population having the characteristic of interest. A population proportion can also be interpreted as a binomial probability, p. Examples : 1. The proportion of registered voters in the state of South Carolina who are registered as Democrats (or, the probability that a randomly selected SC is a registered Democrat). 2. The proportion of homes on the market in Lexington Co. that have been listed for more than 3 months (or, the probability that a randomly selected home on the market in Lex. Co. is still on the market). 3.
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