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Statistical Techniques in Business and Economics | 15th Edition | ISBN: 9780073401805 | Authors: Douglas Lind, William Marchal, Samuel Wathen
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The Kamp family has twins, Rob and Rachel. Both Rob and Rachel graduated from college 2

Chapter 0, Problem 11

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QUESTION:

The Kamp family has twins, Rob and Rachel. Both Rob and Rachel graduated from college 2 years ago, and each is now earning $50,000 per year. Rachel works in the retail industry, where the mean salary for executives with less than 5 years experience is $35,000 with a standard deviation of $8,000. Rob is an engineer. The mean salary for engineers with less than 5 years experience is $60,000 with a standard deviation of $5,000. Compute the z values for both Rob and Rachel and comment on your findings

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QUESTION:

The Kamp family has twins, Rob and Rachel. Both Rob and Rachel graduated from college 2 years ago, and each is now earning $50,000 per year. Rachel works in the retail industry, where the mean salary for executives with less than 5 years experience is $35,000 with a standard deviation of $8,000. Rob is an engineer. The mean salary for engineers with less than 5 years experience is $60,000 with a standard deviation of $5,000. Compute the z values for both Rob and Rachel and comment on your findings

ANSWER:

Step 1 of 3

The Kamp family has twins, Rob and Rachel. Both Rob and Rachel graduated from college 2 years ago, and each is now earning  per year.

Let  denote the salary of Rob and Rachel.

That is,

.

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