27 May Question Individual Incomes: In this assignment you will analyze income data
Question
Individual Incomes: In this assignment you will analyze income data from the Bureau of Labor Statistics covering over 50,000 randomly selected U.S. households (the same data you used in previous weeks). Generate confidence intervals for earnings, using all observations, as well as separately for the categories men and women, using the observations for those two groups only. Using the mean of all observations as the hypothesized mean to test whether mean earnings of men are equal to the overall mean, and, similarly, whether the mean earnings of women are equal to the overall mean, perform hypothesis tests. Draw conclusions based on your analysis and prepare a business report covering your analysis.
Open the data in the software and generate confidence intervals and perform hypothesis testing. In Excel the function CONFIDENCE() will produce a confidence interval, and ZTEST() will perform a two-tailed confidence test; optionally, in Minitab (using the 1,000 observation subset of data) Stat > Basic Statistics > 1-Sample Z will generate a confidence interval and perform a hypothesis test, as well as generate graphic displays of the data.
Organize your software results so that you can prepare the business report.
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Prepare a business report presenting the conclusions of the analysis incorporating software results as evidenc
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