The Federal Reserve reported in its comprehensive Survey of Consumer Finances, released every three years, that the
Question:
a. Determine the percentage decline indicated by the two samples.
b. Using these samples, produce a 90% confidence interval for the difference in the average family income between 2001 and 2004.
c. Is it plausible that there has been no decline in the average income of U.S. families? Support your assertion.
d. How large an error could you have made by using the difference in the sample means to estimate the difference in the population means?
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Related Book For
Business Statistics A Decision Making Approach
ISBN: 9780133021844
9th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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