Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Highland is a nice town, but recently many families have been moving to Lawndale. Researchers are interested in how this has impacted household incomes. To

Highland is a nice town, but recently many families have been moving to Lawndale. Researchers are interested in how this has impacted household incomes. To investigate, they draw random samples of households in each city. In a sample of 619 Lawndale households, the average household income was $62,104 (s= $4723). In a sample of 530 Highland households, the average household income was $61,281(s= $4549). First, the researchers wanted to construct a 90% confidence interval for the difference in household income between Lawndale and Highland. a. What is the notation and value of the sample statistic? b. What is the standard error? Round to three decimal places. c. What is the multiplier for the 90% CI (t*)? Round to three decimal places. d. What is the value of the confidence interval? Round to three decimal places. e. Interpret the confidence interval in context. f. Is it feasible to say that the average household income in Lawndale is more than $1,000 higher than in Highland? Why or why not

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Mathematics questions

Question

Draw the bode plot for the network function. Discuss briefly.

Answered: 1 week ago