XY Store wants to estimate the average income in an area being considered for expansion using a publ
Question: XY Store wants to estimate the average income in an area being considered for expansion using a public survey. Results of that survey you can see in the following table:
| Monthly household income (in SK) | –20000 | –25000 | –30000 | 30000+ |
| Number of respondents | 15 | 30 | 30 | 25 |
We assume the normally distributed household income.
A. Find and interpret a 95% confidence interval for monthly household income in the area!
B. Estimate and interpret the minimal monthly household income in the area! Assume a 90% confidence level!
C. Find a 99% confidence interval for the standard deviation of the income in the area! Interpret it!
Price: $2.99
Solution: The answer consists of 4 pages
Deliverables: Word Document
Deliverables: Word Document
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