The American Management Association is studying the income of store managers in the retail industry. A random sample of 49 managers reveals a sample mean of $45,420. The standard deviation of the population is known to be $2,050.
a). Compute a 95% confidence interval, as well as the margin of error.
b). Interpret the confidence interval you have computed.

Answers

Answer 1

Answer:

a) The 95% confidence interval for the income of store managers in the retail industry is ($44,846, $45,994), having a margin of error of $574.

b) The interval mean that we are 95% sure that the true mean income of all store managers in the retail industry is between $44,846 and $45,994.

Step-by-step explanation:

Question a:

We have to find our [tex]\alpha[/tex] level, that is the subtraction of 1 by the confidence interval divided by 2. So:

[tex]\alpha = \frac{1 - 0.95}{2} = 0.025[/tex]

Now, we have to find z in the Z-table as such z has a p-value of [tex]1 - \alpha[/tex].

That is z with a p-value of [tex]1 - 0.025 = 0.975[/tex], so Z = 1.96.

Now, find the margin of error M as such

[tex]M = z\frac{\sigma}{\sqrt{n}}[/tex]

In which [tex]\sigma[/tex] is the standard deviation of the population and n is the size of the sample.

[tex]M = 1.96\frac{2050}{\sqrt{49}} = 574[/tex]

The lower end of the interval is the sample mean subtracted by M. So it is 45420 - 574 = $44,846.

The upper end of the interval is the sample mean added to M. So it is 45420 + 574 = $45,994.

The 95% confidence interval for the income of store managers in the retail industry is ($44,846, $45,994), having a margin of error of $574.

Question b:

The interval mean that we are 95% sure that the true mean income of all store managers in the retail industry is between $44,846 and $45,994.


Related Questions

What is the slope of this line?


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c.13

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Answer:

D

Step-by-step explanation:

I think you meant to put the answers as a fraction

Answer:

if there were slashes in between every answer, the answer would be

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Step-by-step explanation:

m = y2-y1 / x2-x1  (slope formula)   ⋅the two points i used were: (0,-3) and (3,-1)

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Answer:

z = 2

Step-by-step explanation:

Similar figures have equal ratios of corresponding sides:

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Answer:

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Answers

Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Answer:

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Answers

Answer:

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Step-by-step explanation:

If the shirt was $3 originally, and they added 150% markup, 100% of 3 is 3.

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

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Answers

Answer:

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answer is in an image here

imageshare.best/image.php?id=JS9NDO

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copy n paste in browser

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Answers

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Answer:iojoenckcnurmum

Step-by-step explanation:

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Answers

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Answers

Answer:

Step-by-step explanation:

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a bit ambiguous, I'll ASSUME you mean

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Answers

Answer:

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Answers

Answer:

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Answers

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Step-by-step explanation:

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Answers

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answer:

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Answers

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Answers

Answer: 160

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You can always check by plugging 160 into t to make sure the proportion is equal. I picked t as my varriable of choice which stands for team members. But you can pick an varriable (letter) to find an unknown.

In practice, is best that your child uses a calculator because in the real world, its a practical handy tool and one doesn't have time to memorize every detail by doing that long division. Once your child gets the hang of practicing setting up proportions, your child can solve a variety of problems without going back in circles.

Hope this explanation helps. Best of luck to you and your child.

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