A union executive wants to estimate the mean value of bonus payments made to a corporation 's clerical employees in the first month of a new plan This corporation has 52 subdivisions, and a simple random sample of 8 of these is taken Information is then obtained from the payroll records of every cl...

A union executive wants to estimate the mean value of bonus payments made to a corporation's clerical

Question:

A union executive wants to estimate the mean value of bonus payments made to a corporation's clerical employees in the first month of a new plan. This has 52 subdivisions, and a simple random sample of 8 of these is taken. Information is then obtained from the payroll records of every clerical worker in each of the sampled subdivisions. The results obtained are shown in the following table:

a. Find a point estimate of the population mean bonus per clerical employee for this month.
b. Find a 99% confidence interval for the population mean.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...