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Chapter 8: Q 8.137. (page 344)

Big Bucks. In the article "The \(350,000 Club" (The Business Journal, Vol. 24, Issue 14, Pp. 80-82), J. Trunelle et al. examined Arizona public-company executives with salaries and bonuses totaling over \)350,000 The following data provide the salaries, to the nearest thousand dollars, of a random sample of 20 such executives.

Short Answer

Expert verified

It is reasonable to apply the t-interval procedure to obtain the confidence interval of the population mean based on this sample.

Step by step solution

01

Given information

516574560623600
770680672745450
450545630650461
836404428620604
02

Explanation

Now, draw a probability plot for the given data.

Now construct a box plot for a given data.

03

Explanation

Now construct the histogram for the given data.

The sample size here is moderate (n=20) We can observe from the graphs that there is no outlier in the sample. The plotted points fall closely along a straight line, indicating that the variable under study is approximately regularly distributed. As a result, applying the t-interval approach to estimate the confidence interval of the population means based on this sample is appropriate.

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Most popular questions from this chapter

Find the confidence level and 鈭� for

a. 90%confidence interval.

b. 94%confidence interval.

Two t-curves have degrees of freedom 12 and 20 , respectively. Which one more closely resembles the standard normal curve? Explain your answer.

Why do you need to consider the student zed version of x炉 to develop a confidence-interval procedure for a population means when the population standard deviation is unknown?

Poverty and Dietary Calcium. Refer to Exercise 8.70.

a. Find a 90%confidence interval for 渭.

b. Why is the confidence interval you found in part (a) shorter than the one in Exercise 8.70?

c. Draw a graph similar to that shown in Fig8.6 on page 326 to display both confidence intervals.

d. Which confidence interval yields a more accurate estimate of 渭? Explain your answer.

Fuel Expenditures. In estimating the mean monthly fuel expenditure, 渭, per household vehicle, the Energy Information Ad- ministration takes a sample of size 6841. Assuming that 蟽=$20.65. determine the margin of error in estimating 渭 at the 95% level of confidence.
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