Question
In: Statistics and Probability
The Bureau of Labor Statistics shows that the average insurance cost to a company per employee...
The Bureau of Labor Statistics shows that the average insurance
cost to a company per employee per hour is $1.84 for managers and
$1.99 for professional specialty workers. Suppose these figures
were obtained from 14 managers and 15 professional specialty
workers and that their respective population standard deviations
are $0.38 and $0.51. Assume that such insurance costs are normally
distributed in the population.
a. Calculate a 98% confidence interval to estimate the difference
in the mean hourly company expenditures for insurance for these two
groups. What is the value of the point estimate?
b. Test to determine whether there is a significant difference in
the hourly rates employers pay for insurance between managers and
professional specialty workers. Use a 2% level of significance.
Solutions
orchestra answered 2 years agoRelated Solutions
The Bureau of Labor Statistics shows that the average insurance cost to a company per hour...
The Bureau of Labor Statistics shows that the average insurance
cost to a company per hour worked for an employee by major industry
group, is $2.94 for construction workers and $3.76 for
manufacturing workers. Suppose these figures were obtained from 14
construction workers and 15 manufacturing workers and that their
respective population standard deviations are $1.38 and $1.51.
Assume that such insurance costs are normally distributed in the
population.
Calculate a 98% confidence interval to estimate the difference in
the...
According to the Bureau of Labor Statistics, the annual wage for a federal employee in 2017...
According to the Bureau of Labor Statistics, the annual wage for
a federal employee in 2017 was $76,250. Assume the population
standard deviation is $28,025. A random sample of 34 federal
employees is selected.
What is the probability that the sample mean will be less than
$70,000?
What is the probability that the sample mean will be more than
$74,000?
What is the probability that the sample mean will be between
$76,000 and $81,000.
The following data are from the Bureau of Labor Statistics and shows the outcome of women...
The following data are from the Bureau of Labor Statistics and
shows the outcome of women at age 46:
Less than High school
High school grad
Some college
Bachelor’s degree +
Ever Married
0.09
0.30
0.23
0.24
Ever Divorced
0.05
0.15
0.11
0.07
Never Married
0.02
0.05
0.03
0.04
Note that ever married and ever divorced are not mutually
exclusive—the ”ever divorced” category is a subset
of the ”ever married” category.
(a) What percent of women were ever married?
(b)...
The Bureau of Labor Statistics reported that the average yearly income of dentists in the year...
The Bureau of Labor Statistics reported that the average yearly
income of dentists in the year 2011 was $110,000. A sample of 81
dentists, which was taken in 2012, showed an average yearly income
of $120,000. Assume the standard deviation of the population of
dentists’ incomes in 2012 is $36,000.
a. We want to test to determine if there has been a significant
increase in the average yearly income of dentists. Provide the null
and the alternative hypotheses
b. Compute...
According to the bureau of labor statistics, it takes an average of 22 weeks for someone...
According to the bureau of labor statistics, it takes an average
of 22 weeks for someone over 55 to find a new job, compared with 16
weeks for younger workers. Assume that the probability
distributions are normal and that the standard deviation is 2 weeks
for both distributions.
A) What is the probability that it takes a worker over the age
of 55 more than 19 weeks to find a job?
B) What is the probability that it takes a...
The Bureau of Labor Statistics reported that the average yearly income of dentists in the year...
The Bureau of Labor Statistics reported that the average yearly
income of dentists in the year 2012 was $110,000. A
sample of 81 dentists, which was taken in 2013, showed an average
yearly income of $120,000. Assume the standard deviation
of the population of dentists’ incomes in
2013 is $36,000.
Test the hypotheses at 95% confidence.
1. The U.S. Bureau of Labor Statistics reports that the average annual expenditure on food and...
1. The U.S. Bureau of Labor Statistics reports that the average
annual expenditure on food and drink for all families is $5,700
(Money, December 2003). Assume that annual expenditure on food and
drink is normally distributed and that the standard deviation is
$1,500. (50 points) (A) What is the range of expenditures of the
24.2% of families with the lowest annual spending on food and
drink? (B) Assume total number of families is 500,000. How many
families spend more than...
according to the u.s. bureau of labor statistics, the average weekly earnings of a production worker...
according to the u.s. bureau of labor statistics, the
average weekly earnings of a production worker in july 2011 were
657.49. suppose a labor researcher wants to test to determine
whether this figure is still accurate today. the researcher
randomly selects 55 production workers from across the united
states and obtains a representative earnings statement for one week
each. the resulting sample average is 671.13. assuming a population
standard deviation of 63.90 and a 10% level significance, determine
whether the...
According to the producer price index database maintained by the Bureau of Labor Statistics, the average...
According to the producer price index database maintained by the
Bureau of Labor Statistics, the average cost of computer equipment
fell 4.8 percent between 2012 and 2013. Let’s see whether these
changes are reflected in the income statement of Computer Tycoon
Inc. for the year ended December 31, 2013.
2013
2012
Sales Revenue
$
105,000
$
127,500
Cost of Goods
Sold
62,500
73,500
Gross Profit
42,500
54,000
Selling, General,
and Administrative Expenses
36,500
38,000
Interest
Expense
550
500
Income before...
According to the producer price index database maintained by the Bureau of Labor Statistics, the average...
According to the producer price index database maintained by the
Bureau of Labor Statistics, the average cost of computer equipment
fell 8.1 percent between 2012 and 2013.
Required:
1. Conduct a horizontal analysis by calculating the
year-over-year changes in each line item, expressed in dollars and
in percentages for the income statement of Computer Tycoon Inc. for
the year ended December 31, 2013. (Decreases should be
indicated by a minus sign. Round your percentage answers to 1
decimal place.)
COMPUTER...
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