1.) Jobs and productivity! How do banks rate? One way to answer this question is to...

1.) Jobs and productivity! How do banks rate? One way to answer this question is to examine annual profits per employee. The following is data about annual profits per employee (in units of 1 thousand dollars per employee) for representative companies in financial services. Assume σ ≈ 9.8 thousand dollars.

46.7	41.8	53.7	34.8	27.8	34.8	25.7	56.5	42.5	33.0	33.6
36.9	27.0	47.1	33.8	28.1	28.5	29.1	36.5	36.1	26.9	27.8
28.8	29.3	31.5	31.7	31.1	38.0	32.0	31.7	32.9	23.1	54.9
43.8	36.9	31.9	25.5	23.2	29.8	22.3	26.5	26.7

(a) Use a calculator or appropriate computer software to find x for the preceding data. (Round your answer to two decimal places.)
thousand dollars

(b) Let us say that the preceding data are representative of the entire sector of (successful) financial services corporations. Find a 75% confidence interval for μ, the average annual profit per employee for all successful banks. (Round your answers to two decimal places.)

lower limit	thousand dollars
upper limit	thousand dollars

(e) Find a 90% confidence interval for μ, the average annual profit per employee for all successful banks. (Round your answers to two decimal places.)

lower limit	thousand dollars
upper limit	thousand dollars

2.) Jobs and productivity! How do retail stores rate? One way to answer this question is to examine annual profits per employee. The following data give annual profits per employee (in units of 1 thousand dollars per employee) for companies in retail sales. Assume σ ≈ 3.7 thousand dollars.

4.1	6.4	3.8	8.8	7.9	5.2	8.7	5.6	2.6	2.9	8.1	−1.9
11.9	8.2	6.4	4.7	5.5	4.8	3.0	4.3	−6.0	1.5	2.9	4.8
−1.7	9.4	5.5	5.8	4.7	6.2	15.0	4.1	3.7	5.1	4.2

(a) Use a calculator or appropriate computer software to find x for the preceding data. (Round your answer to two decimal places.)
thousand dollars per employee

(b) Let us say that the preceding data are representative of the entire sector of retail sales companies. Find an 80% confidence interval for μ, the average annual profit per employee for retail sales. (Round your answers to two decimal places.)

lower limit	thousand dollars
upper limit	thousand dollars

(e) Find an 95% confidence interval for μ, the average annual profit per employee for retail sales. (Round your answers to two decimal places.)

lower limit	thousand dollars
upper limit	thousand dollars

3.) Use the Student's t distribution to find t_c for a 0.95 confidence level when the sample is 21. (Round your answer to three decimal places.)

4.) Use the Student's t distribution to find t_c for a 0.99 confidence level when the sample is 12. (Round your answer to three decimal places.)

Solutions

Expert Solution

orchestra answered 1 year ago

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