20 May We Have A Client That Is Looking To Hire Some People In The New Future
We have a client that is looking to hire some people in the new future. Our client is trying to determine what starting rate they must offer in order to get enough interested applicants to apply for the positions that will be opening soon. They believe the worst the economy, the lower hourly rate they have to pay. They believe that if unemployment rates stay at a certain level, they can start off paying future employees $12.00 an hour. In order for them to plan on paying $12.00 an hour, there must be at least 90,000 women and 90,000 men on employment the same year the positions come open. The distribution of unemployed people in each sample is approximately mound-shaped. Assume that the normal distribution is applicable here, and that the sample mean and standard deviation are good estimates of the true population mean and standard deviation. Estimate (with an approximate probability) how likely it is that actual unemployment rates will meet or exceed this target for each male and female. Based on your probabilities as well as confidence intervals for the mean unemployed, with which sex does it appear that the target can be more easily met? Explain your results. To illustrate one use of regression, obtain a 95% interval for the predicted number of unemployed people, using the sample regression function for the following situations: a.) Married black male in 2014 b.) Married white male in 2014 c.) Married black female in 2014 Compare your answers for a, b, and c. Explain your results.
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