EU (European Union) Countries Report That 46% of Their Labor

question 60

Essay

EU (European Union) countries report that 46% of their labor force is female. The
United Nations wants to determine if the percentage of females in the U.S. labor force is
the same. Representatives from the United States Department of Labor plan to check a
random sample of over 10,000 employment records on file to estimate the percentage of
females in the U.S. labor force.
A. The Department of Labor wants to estimate the percentage of females in the U.S. labor
force to within ±5%, with 90% confidence. How many employment records should be
sampled?
b. They actually select a random sample of 525 employment records, and find that 229 of
the people are females. Construct the 90% confidence interval.
c. Interpret the confidence interval in this context.
d. Explain what 90% confidence means in this context.
e. Should representatives from the Department of Labor conclude that the percentage of
females in the U.S. labor force is lower than Europe's rate of 46%? Explain.
f. Are the assumptions and conditions for constructing a confidence interval met?
Explain.

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Understand the concept of tax neutrality and the conditions under which taxes do not distort market outcomes.

Understand the process and significance of myelination in the development of the nervous system.

Identify the time frame of brain growth spurts and their importance in early development.

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Definitions:

Variable Cost

Costs that fluctuate in direct proportion to changes in levels of output or activity within a business.

Fixed Cost

Expenses that do not change in total over a certain range of activity levels or time periods, such as rent, salaries, and equipment leases.

Administrative Expense

Costs associated with the general administration of a business, including salaries of senior executives, legal and financial fees, and other general expenses.

Fixed Cost

Overheads that are not affected by the volume of production or sales, covering rent, employee salaries, and insurance fees.