Assume that the hourly wages for production.

Posted on 2013-10-16 15:45:00 in Statistics by ALFRED73WASHINGTON

The U.S. Bureau of Labor Statistics publishes data on the hourly compensation costs for production workers in manufacturing for various countries. The latest figures published for Greece show that the average hourly wage for a production worker in manufacturing is $9.63. Suppose the business council of Greece wants to know how consistent the figure is. They randomly select 25 production workers in manufacturing from across the country and determine that the standard deviation of hourly wages for such workers is $1.12. Use this information to develop a 95% confidence interval to estimate the population variance for the hourly wages of production workers in manufacturing in Greece. Assume that the hourly wages for production workers across the country in manufacturing are normally distributed. 

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