Answered: East West n1 = 40 n2 = 45 X bar =…

East West n1 = 40 n2 = 45 X bar = 72 (in $1,000) X bar = 78 (in $1,000) s1 = 6 (in $1,000) s2 = 8 (in $1,000) a. Develop an interval estimate for the difference between the

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter5: Exponential And Logarithmic Functions

Section5.5: Exponential And Logarithmic Models

Problem 4ECP

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Question

100%

In order to estimate the difference between the yearly incomes of marketing managers in the East and West of the United States, the following information was gathered.

East	West
n₁ = 40	n₂ = 45
X bar = 72 (in $1,000)	X bar = 78 (in $1,000)
s₁ = 6 (in $1,000)	s₂ = 8 (in $1,000)

a.	Develop an interval estimate for the difference between the average yearly incomes of the marketing managers in the East and West. Use a = 0.05.

Give the upper boundary answer to two decimal points. The lower boundary is -9.084 Give the upper boundary only.

Definition Definition Method in statistics by which an observation’s uncertainty can be quantified. The main use of interval estimating is for describing a range that is made by transforming a point estimate by determining the range of values, or interval within which the population parameter is likely to fall. This range helps in measuring its precision.

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