In One Area, Monthly Incomes of Technology Related Workers Have

question 84

Essay

In one area, monthly incomes of technology related workers have a standard deviation of $650. It is believedthat the standard deviation of monthly incomes of non-technology workers is higher. A sample of 71non-technology workers are randomly selected and found to have a standard deviation of $950. Test the claimthat non-technology workers have a higher standard deviation. Use α = 0.05.

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Definitions:

Cognitive Dissonance

The psychological discomfort experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time.

Market Concentration

The extent to which a small number of firms dominate a particular market, often measured by the concentration ratio or Herfindahl-Hirschman Index.

Homogenous Marketing

A marketing strategy where a company treats the market as a uniform entity by offering the same marketing mix to all consumers.