1. An experiment involves selecting a random sample of 169 middle managers at random for study. One item of interest is their mean annual income. The sample mean is computed to be $34,420 and the sample standard deviation is $3,150. What is the standard error of the mean(?/ ?n)?
2. A buying agent has been instructed to buy eggs for a mayonnaise production facility. The manager instructs that the agent should buy only eggs that weigh, on average, in excess of 3.5 ounces. The agent visits a poultry farm and the poultry manager provides him with samples of eggs from the farm. The agent then selects 175 eggs and weighs them. The sample average weight of the eggs is 3.68 ounces, with a standard deviation of .69 ounces. At a .005 level of significance, should he buy these eggs? (HINT: Z* = 2.576)
3. You have been provided information on summary statistical data for two neighborhoods. Specifically, you have been provided calculations on the Average Price Per Square Foot, Average Age and Average, and the Average Prices for houses in the two neighborhoods, and the Standard Deviation of each variable. Apply the method of Confidence Intervals at (97%) to Estimate answer the question whether:

a)Average Age of House in each neighborhood is significantly different from 60 years

b)Average Price of Houses in each neighborhood is significantly different from $415,000

c)List at least two reasons that you think that the Average Price of houses and the Average Age of Houses in one neighborhood will be different from the other neighborhood in the file (You may use personal knowledge of the neighborhoods).

Comparative Descriptive Statistics - Arocher vs Borough Park Average Price per Square Foot, Average Age of House & Average Price of House Neighborhood and Average Standard Standard Sample Size (n) Error Deviation Average Age of House Staten Island, Arocher (40) 39.4250 4.48128 28.34213 Brooklyn, Borough Park (49) 91.6939 2.04233 14.29628 Average Price of House Staten Island, Arocher (40) $396,374.30 $14,930.990 $94,431.873 Brooklyn, Borough Park (49) $696,638.78 $24,093.715 $168,656.005