A Random Sample of 10 Waitresses in Darwin Revealed the Following

question 71

Essay

A random sample of 10 waitresses in Darwin revealed the following hourly earnings (in dollars, including tips): $$\begin{array} { | r | r | r | r | r | r | r | r | r | r | } \hline 19 & 18 & 15 & 16 & 18 & 17 & 16 & 18 & 20 & 14 \\\hline\end{array}$$ If the hourly earnings are normally distributed with a standard deviation of $4.5, estimate with 95% confidence the mean hourly earnings for all waitresses in Darwin.

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Definitions:

Private Interests

Individual or group interests that are not public in nature, often seeking personal gain or advantage.

Invisible Hand

A metaphor introduced by Adam Smith to describe unintended social benefits resulting from individual actions.

Dictator Game

Rephrased: An experiment in behavioral economics where an individual (termed the "dictator") decides the allocation of a certain resource or amount of money between themselves and a second participant, without any enforceable consequences.