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In a group of 66 Mummers, the average income was $62,000 with a standard deviation of...

  1. In a group of 66 Mummers, the average income was $62,000 with a standard deviation of $22,000. We are interested to determine if the average income of a Mummer is significantly different than $50,000.
    1. Find the critical value for α=0.01.
    2. What is the result of this hypothesis test? Why?
    3. Based on the results of (d) and (f), what can be said about the 95% and 99% confidence intervals? How do you know? Do not calculate the confidence intervals to justify your answer.
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