Refer to the Glassdoor Economic Research (August 25, 2015) report on salaries of executives and workers at
Question:
Refer to the Glassdoor Economic Research (August 25, 2015) report on salaries of executives and workers at S&P 500 firms. Recall that the data file contains the salaries (in $ millions) of the 441 CEOs who participated in the survey. Suppose you are interested in estimating the mean salary for these 441 CEOs.
a. What is the target parameter?
b. Obtain a random sample of 50 salaries from the data set.
c. Find the mean of the 50 salaries, part b.
d. Verify that the standard deviation for the population of 411 salaries is σ = $11.36 million.
e. Use the information, parts c and d, to form a 99% confidence interval for the true mean salary of the 411 CEOs in the survey.
f. Give a practical interpretation of the interval, part e.
g. Find the true mean salary of the 411 CEOs and check to see if this value falls within the 99% confidence interval, part e.
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a The target parameter is the population mean salary of these 411 CEOs who participated in the Forbe...View the full answer
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