Question
In: Math
annual income for Americans in 2012. Use the data set to answer the following questions: Hint:...
annual income for Americans in 2012. Use the data set to answer the following questions: Hint: Use Excel
Data set
income (in dollars)
| 45000 |
| 21750 |
| 18750 |
| 37500 |
| 100000 |
| 120000 |
| 27500 |
| 67500 |
| 55000 |
| 100000 |
| 27500 |
| 18750 |
| 67500 |
| 120000 |
| 55000 |
| 55000 |
| 21750 |
| 13750 |
| 55000 |
| 2000 |
| 67500 |
| 140000 |
| 55000 |
| 45000 |
| 82500 |
| 13750 |
| 23750 |
| 67500 |
| 100000 |
| 21750 |
| 37500 |
| 45000 |
| 45000 |
| 82500 |
| 82500 |
| 175000 |
| 120000 |
| 67500 |
| 2000 |
| 45000 |
| 18750 |
| 32500 |
| 4500 |
| 13750 |
| 5500 |
| 32500 |
| 45000 |
| 18750 |
| 100000 |
| 16250 |
| 13750 |
| 21750 |
| 45000 |
| 37500 |
| 18750 |
| 67500 |
| 27500 |
| 82500 |
| 45000 |
| 55000 |
| 11250 |
| 37500 |
| 27500 |
| 23750 |
| 82500 |
| 45000 |
| 37500 |
| 55000 |
| 67500 |
| 120000 |
- Formulate the null and alternative hypotheses that can be used to test the assumption that the average American annual income is $42,500.
Ho = 42500
Ha ≠ 42500
- Compute the value of the test statistic.
- What is the p-value?
- At α = .05, what is the critical value?
- At α = .05, what is your conclusion? Briefly justify your answer.
- Compute a 95% confidence interval for the population mean. Does it support your conclusion?
Solutions
Expert Solution
Here we have data:
2000,2000,4500,5500,11250,13750,13750,13750,13750,16250,18750,18750,18750,18750,18750,21750,21750,21750,21750,23750,23750,27500,27500,27500,27500,32500,32500,37500,37500,37500,37500,37500,45000,45000,45000,45000,45000,45000,45000,45000,45000,55000,55000,55000,55000,55000,55000,55000,67500,67500,67500,67500,67500,67500,67500,82500,82500,82500,82500,82500,100000,100000,100000,100000,120000,120000,120000,120000,140000,175000
Here we are using "R" for calculation:
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