The following data shows the yearly income distribution of a sample of 200 employees at MNM, Inc.
Yearly Income(In $1,000s)
Numberof Employees
20 - 24
2
25 - 29
48
30 - 34
60
35 - 39
80
40 - 44
10
?
a.What percentage of employees have yearly incomes of $35,000 or more?b. Does the figure computed in part a exemplify statistical inference? If no, what kind of statistical information does it represent?c.Based on this sample, the president of the company said that "45% of all our employees' yearly incomes are $35,000 or more." What kind of statistical information does the president's statement represent?d.With the statement made in Part c, can we be assured that more than 45% of all employees' yearly incomes are at least $35,000? Explain.e.What percentage of employees of the sample have yearly incomes of $29,000 or less?f.How many variables are presented in the above data set?g.How many observation results are represented in the above data set?
What will be an ideal response?
| a. | 45% |
| b. | No, it is descriptive statistics. |
| c. | statistical inference |
| d. | No, this is simply an inference and approximation based on the sample information. |
| e. | 25% |
| f. | 2 |
| g. | 200 |
You might also like to view...
An overstatement error in the inventory account in the current period will result in an understatement of ____________________ in the next period
Fill in the blank(s) with correct word
When determining bargaining units, the NLRB may rule that many occupations in diverse locations can make up a single unit.
Answer the following statement true (T) or false (F)
The focus of Six Sigma teams is only to address immediate problems
a. True b. False Indicate whether the statement is true or false
Robert increases the deductible on his car insurance policy from $500 to $1,000. By doing so he can reduce his car insurance premium by $75 each month. Which of the four ways to managing risk is Robert practicing by increasing his deductible?
A) Avoidance B) Reduction C) Assumption D) Shifting E) None of the answers are correct