A Philippine labor group wishes to know if the mean income of managers in the retail industry is still at 40,000 pesos per month. Based from previous data, the income of managers in the retail industry is normally distributed with a standard deviation of 5,000 pesos per month. A random sample of 23 managers reveals a sample mean of 42,400 pesos. A. What is the best point estimate for the true mean income of managers in the retail industry per month? a.40000 b.23 c.5000 d.42400 B. Find the 98% confidence interval for the true mean in
STATISTICS AND PROBABILITY
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A Philippine labor group wishes to know if the mean income of managers in the retail industry is still at 40,000 pesos per month. Based from previous data, the income of managers in the retail industry is
A. What is the best point estimate for the true mean income of managers in the retail industry per month?
a.40000
b.23
c.5000
d.42400
B. Find the 98% confidence interval for the true mean income of managers in the retail industry per month.
a. [39784.92, 45015.08]
b. [40356.56, 44443.44]
c. [39970.81, 44829.19]
d. [39715.38, 45084.62]
C. What can we assert with 98% confidence about the possible size of error e if you estimate the true mean income of managers in the retail industry to be 42,400 pesos per month?
a. The error will not exceed 2043.44
b.The error will not exceed 2429.19
c.The error will not exceed 2615.08
d.The error will not exceed 2684.62
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