Consider the given set of average annual household income levels of citizens of selected U.S. metropolitan areas

Question:

Consider the given set of average annual household income levels of citizens of selected U.S. metropolitan areas in the file P3_6.XLS.

a. Use Excel to obtain a simple random sample of size 15 from this frame.

b. Compute a point estimate of the population mean from the sample selected in part a. What is the sampling error in this case? Assume that the population consists of all average annual household income levels in the given frame.

c. Determine a good approximation to the standard error of the mean in this case.

d. Repeat parts b and c after generating a simple random sample of size 30 from the given frame.

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I used Excel to obtain a simple random sample of size 15 from the file P36XLS The sample is b The po...View the full answer

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