You have collected weekly earnings and age data from a sub-sample of 1,744
individuals using the Current Population Survey in a given year.
.
(a)Given the overall mean of $434.49 and a standard deviation of $294.67, construct a
99% confidence interval for average earnings in the entire population.State the
meaning of this interval in words, rather than just in numbers.If you constructed a 90%
confidence interval instead, would it be smaller or larger? What is the intuition?

Question

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The Answer of You have collected weekly earnings and age data from a sub-sample of 1,744
individuals using the Current Population Survey in a given year.
.
(a)Given the overall mean of $434.49 and a standard deviation of $294.67, construct a
99% confidence interval for average earnings in the entire population.State the
meaning of this interval in words, rather than just in numbers.If you constructed a 90%
confidence interval instead, would it be smaller or larger? What is the intuition?

You Have Collected Weekly Earnings and Age Data from a Sub-Sample