Explain Cornell University Study problem - Margin of error, Confidence Interval
A Cornell university study of wage differentials among men and women reported that one of the reasons wages for men are higher than wages for women is that men tend to more years of work experience than women. Presume the following results were obtained for each group.
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Men
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Women
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N1 = 100
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n2 = 85
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X1 = 14.9
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x2 = 10.3
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Standard deviation1 = 5.2 yrs
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Standard deviation2 = 3.8 yrs
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1) What is the point estimate of the difference between the two population means?
2) At 95% confidence what is the margin of error?
3) What is the 95% confidence interval estimate of the variance between the two population means?