Medical Group found that the mean annual earnings of pharmacists in the US are $230,000 and those of pediatriciansto be $225,000. Suppose that these results are based on a random sample of 300 pharmacists and 400 pediatricians and that the population standard deviations are $28,000 and $32,000, respectively. a. What is the standard error? b.Test the claim, using a 1% level of significance, that the mean annual earnings of pharmacists is greater than that of pediatricians. c.Construct a 98% confidence interval for the difference between the meanannual earnings of pharmacists and pediatricians.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.