The monthly incomes for 12 randomly selected​ people, each with a​ bachelor's degree in​ economics, are shown on the right. Complete parts​ (a) through​ (c) below.4450.95,  4596.43, 4455.27, 4151.99, 4283.65, 4527.56, 3946.55, 4023.42, 4366.86, 3727.56, 44.0726, 4221.07(a) sample mean______  ( Round one decimal place needed)(b) sample standard deviation_______ ( Round one decimal place needed)(c) Construct 90% confidence interval for the population mean U.     ( _________,  ________)  ( Round one decimal place needed.)Hello,  can you please explain this  math problem to me and show me step by step  how to work this math problem.  Thank  you.

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Asked Apr 1, 2019
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The monthly incomes for 12 randomly selected​ people, each with a​ bachelor's degree in​ economics, are shown on the right. Complete parts​ (a) through​ (c) below.

4450.95,  4596.43, 4455.27, 4151.99, 4283.65, 4527.56, 3946.55, 4023.42, 4366.86, 3727.56, 44.0726, 4221.07

(a) sample mean______  ( Round one decimal place needed)

(b) sample standard deviation_______ ( Round one decimal place needed)

(c) Construct 90% confidence interval for the population mean U.

     ( _________,  ________)  ( Round one decimal place needed.)

Hello,  can you please explain this  math problem to me and show me step by step  how to work this math problem.  Thank  you.

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Expert Answer

Step 1

(a). Obtain mean for the sample data.

The monthly incomes for the sample of size 12 are:

x: 4,450.95, 4,596.43, 4,455.27, 4,151.99, 4,283.65, 4,527.56, 3,946.55, 4,023.42, 4,366.86, 3,727.56, 44.0726 and 4,221.07.

Step 2

Mean:

Mean is an important measure of center when the data is quantitative. Mean of a data set is the sum of the data set divided by the size of the data set.

The mean of the sample data is:

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Step 3

(b). Obtain the standard deviation for the sample data.

The mean of the sample data is 3,899.6.

Standard deviation:

The standard deviation indicates by how much each observation differs from a central point represented by the mean. In general, the variance increases with the increase in the distances between the indiv...

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