QNT351 UoPX Statistical Techniques in Business and Economics Discussion

Respond to the following The mean yearly income for construction workers in New York has been calculated as $78,000, with a range of $74,000 to $82,000. a. If a confidence interval of 95% has been calculated with respect to this range and mean, what does that confidence interval tell us? (Hint: Definition of confidence interval)b. In your opinion, is a confidence interval of 95% useful? Why or why not? c. Use the empirical rule. Calculate the standard deviation.