In: Statistics and Probability

An economist reports that 621 out of a sample of 2,300
middle-income American households actively participate in the stock
market.

a. Construct a 99% confidence interval of the proportion of
middle-income Americans who actively participate in the stock
market.

b. Can we conclude that the proportion of middle-income Americans
that actively participate in the stock market is not 30%?

a) Confidence interval :

b) Test for single proportion:

(1) Null and Alternative Hypothesis:

H0: the proportion of middle-income Americans that actively participate in the stock market is 30%

i.e. H0: P = 0.30

H1: the proportion of middle-income Americans that actively participate in the stock market is not 30%

i.e. H1: P not = 0.30

Thus we conclude that the proportion of middle-income Americans that actively participate in the stock market is not 30%

In a representative sample of 50 American households, 32
households had a pet. Use this sample data to answer the following
questions. A. Use Minitab Express to construct a 95% confidence
interval to estimate the proportion of all American households with
a pet. Show how you checked assumptions. If assumptions were met,
use the normal approximation method. Remember to include all
relevant Minitab Express output and to clearly identify your
answer. Other than checking assumptions, do not do any hand...

In 2018, 43% of American households still had a landline
phone.
A random sample of 12 households is selected.
a) Find the probability that the sample contains exactly 4
households with a landline.
b) Find the probability that at least one household has a
landline.
c) Find the mean and standard deviation for the number of
households with a landline.

A random sample data is given below for annual income from 30
households.
96727
96621
107235
95366
97681
101890
95432
96697
107511
96886
96522
95385
97469
96664
106627
95744
95208
107795
98717
106622
107338
94929
95801
105601
97912
97611
96362
96244
97835
99610
A. From the info given above, what is the IQR?
B. From the data above, construct a 95% confidence interval for
the population's mean annual income. _____________< u >
_____________
C. What is the statistical interpretation of...

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