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Suppose that incomes (measured in thousands of dollars) above $20K can be assumed to be…

Suppose that incomes (measured in thousands of dollars) above $20K can be assumed to be Pareto(α) where α> 0 is unknown, for a particular population. A sample of 20 is taken from the population and the following data obtained.

Suppose that incomes (measured in thousands of dollars) above $20K can be assumed to be...

Construct an approximate 0.95-confidence interval for α Assess the hypothesis that the mean income in this population is $25K.