a) Find a point estimate for the difference in average starting salaries for graduate economists and programmers. b) Let mi be the population mean starting salary for the graduate economists and let m2 be the population mean salary for the graduate programmers. Find a 96% confidence interval for mi-m2. Assume the standard deviations given are the population standard deviations. c) Based on the interval in part (b), would you be comfortable saying that the mean starting salary for graduate economists is less than that for graduate programmers? Justify your answer.

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question
100%
In a 2020 survey of 80 graduate economists and 110 graduate programmers, it was found that the
graduate economists had a mean starting salary of £48,100 with a standard deviation of £7,200, while the
graduate programmers had a mean starting salary of £52,900 with a standard deviation of £5,300.
a) Find a point estimate for the difference in average starting salaries for graduate economists and
programmers.
b) Let mi be the population mean starting salary for the graduate economists and let m2 be the
population mean salary for the graduate programmers. Find a 96% confidence interval for mi-m2.
Assume the standard deviations given are the population standard deviations.
c) Based on the interval in part (b), would you be comfortable saying that the mean starting salary for
graduate economists is less than that for graduate programmers? Justify your answer.|
Transcribed Image Text:In a 2020 survey of 80 graduate economists and 110 graduate programmers, it was found that the graduate economists had a mean starting salary of £48,100 with a standard deviation of £7,200, while the graduate programmers had a mean starting salary of £52,900 with a standard deviation of £5,300. a) Find a point estimate for the difference in average starting salaries for graduate economists and programmers. b) Let mi be the population mean starting salary for the graduate economists and let m2 be the population mean salary for the graduate programmers. Find a 96% confidence interval for mi-m2. Assume the standard deviations given are the population standard deviations. c) Based on the interval in part (b), would you be comfortable saying that the mean starting salary for graduate economists is less than that for graduate programmers? Justify your answer.|
Expert Solution
steps

Step by step

Solved in 4 steps

Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman