- The EAI data has information on the annual incomes of managers and whether they have attended the training program or not. This data comprise all the 2500 managers that work for this organization. Based on previous studies, the sample standard deviation was obtained as $4,000. This value is used as a planning value for the true standard deviation. With a 95% confidence interval, what will be the sample size to achieve the margin of error of $500?
- Take a random sample from this data based on your sample size from question 1, and obtain the sample test statistics for both the mean and the proportion of managers that have received training.
- Test the hypothesis that the population mean is equal to $52,000. Clearly state both your null and alternative hypothesis and specify the p-value for your test. You should use the t-test statistics for this assignment.
- Test the hypothesis that the population proportion is equal to 0.6. Clearly state both your null and alternative hypothesis and specify the p-value for your test.