The median annual income for families living in the United States is $56,200 (The New York Times Almanac, 2008). Annual incomes in thousands of dollars for a sample of 50 families living in Chicago, Illinois, are shown. Use the sample data to see if it can be concluded that the families living in Chicago have a median annual income greater than $56,200. Use α = .05. What is your conclusion?
Answer to relevant QuestionsAre stock splits beneficial to stockholders? SNL Financial studied stock splits in the banking industry over an 18-month period. For a sample of 20 stock splits, 14 led to an increase in investment value, 4 led to a decrease ...Consider an acceptance sampling plan with n = 20 and c = 0. Compute the producer's risk for each of the following cases. a. The lot has a defect rate of 2%. b. The lot has a defect rate of 6%. Twenty-five samples of size 5 resulted in = 5.42 and = 2.0. Compute control limits for the and R charts, and estimate the standard deviation of the process. A manufacturer produces lots of a canned food product. Let p denote the proportion of the lots that do not meet the product quality specifications. An n = 25, c = 0 acceptance sampling plan will be used. a. Compute points on ...In the following profit payoff table for a decision problem with two states of nature and three decision alternatives, the prior probabilities for s1 and s2 are P(s1) = .8 and P(s2) = .2. a. What is the optimal decision? b. ...
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