Bilqees, a prospective university student who just matriculated, must decide which profession she will study towards. She has a passion for economics but will only follow her passion if she can determine whether economics graduates are paid well in the labour market (if not, she will choose to study accounting). She decides that if economics graduates earn, on average, R250 000 per year within five years of graduation she will pursue the study of economics. Bilqees asks her older sibling, an econometrician, to help her estimate the average salary of economics graduates based on a small sample using confidence interval estimation. She interviews a sample of eight recent economics graduates who are currently employed in order to investigate whether the average salary is at least as high as her requirement. These data are handed to her sibling for confidence interval estimation and are given below (measured in thousands of rands): X 287 196 276 252 275 325 204 185 Question: What is the relevent t-statistic?
Bilqees, a prospective university student who just matriculated, must decide which profession she will study towards. She has a passion for economics but will only follow her passion if she can determine whether economics graduates are paid well in the labour market (if not, she will choose to study accounting). She decides that if economics graduates earn, on average, R250 000 per year within five years of graduation she will pursue the study of economics. Bilqees asks her older sibling, an econometrician, to help her estimate the average salary of economics graduates based on a small sample using confidence interval estimation. She interviews a sample of eight recent economics graduates who are currently employed in order to investigate whether the average salary is at least as high as her requirement. These data are handed to her sibling for confidence interval estimation and are given below (measured in thousands of rands): X 287 196 276 252 275 325 204 185 Question: What is the relevent t-statistic?
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter3: Solving Equation And Problems
Section3.7: Costs, Income, And Value Problems
Problem 10P
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Bilqees, a prospective university student who just matriculated, must decide which profession she will study towards. She has a passion for economics but will only follow her passion if she can determine whether economics graduates are paid well in the labour market (if not, she will choose to study accounting). She decides that if economics graduates earn, on average, R250 000 per year within five years of graduation she will pursue the study of economics.
Bilqees asks her older sibling, an econometrician, to help her estimate the average salary of economics graduates based on a small sample using confidence interval estimation . She interviews a sample of eight recent economics graduates who are currently employed in order to investigate whether the average salary is at least as high as her requirement. These data are handed to her sibling for confidence interval estimation and are given below (measured in thousands of rands):
X
287
196
276
252
275
325
204
185
Question: What is the relevent t-statistic?
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