EC number 38

# EC number 38 - a.Youcanbe95% ?What ofsalaries b.

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all quality managers with at least 20 years of experience is between what two numbers? What assumption are you making about the distribution of salaries? we could estimate the true mean salary of all quality managers with more than 20 years of experience and have only 1 chance in 100 of being off by more than \$500? A. Information Gathered: Given, sample size (n) = 9, sample standard deviation(s) = 19000 and sam population mean and population variance respectively (both are unknown). Since the population variance is unknown and the sample comes from a no Variables Placed in Equation: Work Shown: .95 = 53395.33 < µ < Interpretation: According to the numbers shown the CI is  ranging from 53395.3 which represents the lower limit(lowest salary) where the upper limit(highest salary) is 82604.67 So the two numbers/salary amounts are \$53,395.30 \$82,604.67 B.

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## This note was uploaded on 08/04/2011 for the course ECN 601 taught by Professor Professor during the Spring '10 term at Grand Canyon.

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EC number 38 - a.Youcanbe95% ?What ofsalaries b.

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