In 2017, a study on the salary distribution of Paris residents was conducted. Assume that the...

In 2017, a study on the salary distribution of Paris residents was conducted. Assume that the salaries were normally distributed.

A random sample of 10 salaries was selected and the data are listed below: 3200 3500 3000 2100 2950 2050 2440 3100 3500 2500

Question 8: Assume that the standard deviation of the salaries was still the same as in 2015. Estimate the average salary (in 2017) with 95% confidence.

Question 9: The assumption made in Question 8 was certainly unrealistic. Estimate the average salary (in 2017) with 95% confidence again assuming that the standard deviation had changed from 2015.

Question 10: Estimate the variance of monthly salaries of Paris residents (in 2017) based on the sample provided above at a 95% confidence level.

Question 11: How would you interpret the result in Question 10 above?

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orchestra answered 1 year ago

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