Provide an Appropriate Response $99 \%$ Confidence Interval for the Variance $\sigma ^ { 2 }$

question 6

Short Answer

Provide an appropriate response.
-The July utility bills (in dollars) of 20 randomly selected homeowners in one city are listed below. Construct a $99 \%$ confidence interval for the variance, $\sigma ^ { 2 }$ . Assume the population is normally distributed.
$\begin{array} { l l l l l l l l l l } 70 & 72 & 71 & 70 & 69 & 73 & 69 & 68 & 70 & 71 \end{array}$
$\begin{array} { l l l l l l l l l l } 67 & 71 & 70 & 74 & 69 & 68 & 71 & 71 & 71 & 72 \end{array}$

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Definitions:

Strikes

A work stoppage caused by the mass refusal of employees to work, typically to enforce demands upon their employer.

Wagner Act

A foundational piece of US labor law established in 1935 that guaranteed workers the right to form unions and engage in collective bargaining.

Supply of Labor

Refers to the total hours that workers wish to work at a given real wage rate, across the entire economy.

Demand for Labor

The total amount of workers that employers are willing and able to hire at a given wage rate in a certain period.