11)how to interpret those 2 variable? v Descriptive statistics income count 850
ID: 3229547 • Letter: 1
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11)how to interpret those 2 variable?
v
Descriptive statistics income count 850 mean 46.6753 sample standard deviation 38.5431 sample variance 1,485.5670 minimum 13 maximum 446 range 433 confidence interval 95.% lower 44.0842 confidence interval 95.% upper 49.2664 margin of error 2.5911 z 1.96 Descriptive statistics income count 850 mean 46.6753 sample standard deviation 38.5431 sample variance 1,485.5670 minimum 13 maximum 446 range 433 confidence interval 99.% lower 43.2700 confidence interval 99.% upper 50.0806 margin of error 3.4053 z 2.576Explanation / Answer
The mean of the variable is 46.6753 and standard deviation is 38.5431. That is average value is income is 46.6753 and spread of distriution is approxiamtely 38.5431.
The first output shows the 95% confidence interval of mean is 44.0842 to 49.2664. That is we are 95% confident that true value of average income lie in the interval (44.0842, 49.2664).
The second output shows the 99% confidence interval of mean is 43.27 to 50.0806. That is we are 99% confident that true value of average income lie in the interval (43.27, 50.0806).
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