International Labor Wages
SCENARIO: The U.S. Bureau of Labor Statistics (http://www.bls.gov) released hourly wage figures for western countries in 2000 in the manufacturing sector. The hourly wage was $24.01 in Germany, $22.00 in Japan, and $19.86 in the United States.
PROBLEM: Suppose 40 manufacturing workers are selected randomly from across Germany and asked what their hourly wage is. What is the probability that the sample average will be between $23.50 and $24.50?
ANSWER: $23.50+24.50=50/40
=$24.11
SECOND PART OF THE PROBLEM: Suppose 35 manufacturing workers selected randomly from across Japan. What is the probability that the sample average will exceed $23?
19.86/35=0.5
Assume that in all three countries, the standard deviation of hourly labor rates is $3.
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SCENARIO: The U.S. Bureau of Labor Statistics (http://www.bls.gov) released hourly wage figures for western countries in 2000 in the manufacturing sector. The hourly wage was $24.01 in Germany, $22.00 in Japan, and $19.86 in the United States.
PROBLEM: Suppose 40 manufacturing workers are selected randomly from across Germany and asked what their hourly wage is. What is the probability that the sample average will be between $23.50 and $24.50?
ANSWER: $23.50+24.50=50/40
=$24.11
What you have done is adding up the ...
Solution Summary
The solution discusses international labor wages.