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According to the Wall Street Journal, the median household income for the United States was $69,560 in 2019. Suppose household income is normally distributed, with
According to the Wall Street Journal, the median household income for the United States was $69,560 in 2019. Suppose household income is normally distributed, with standard deviation $25,000. You suspect that the average household income may have declined in the past year (2020) due to COVID and decide to estimate it again using a random sample of 400 households. You remain confident that the standard deviation of the income distribution has not changed. a.) In constructing a confidence interval your friend suggests using the following instead of the traditional one, which he thinks is boring. Consider the interval _ 0' _ 0' X 1.96,X + 1.44 l a v5 How likely is it that this interval will contain the true population mean household income
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