The Economic Policy Institute periodically issues reports on workers wages. The institute reported that mean wages for
Question:
The Economic Policy Institute periodically issues reports on worker’s wages. The institute reported that mean wages for male college graduates were $37.39 per hour and for female college graduates were $27.83 per hour in 2017. Assume the standard deviation for male graduates is $4.60, and for female graduates it is $4.10.
a. What is the probability that a sample of 50 male graduates will provide a sample mean within $1.00 of the population mean, $37.39?
b. What is the probability that a sample of 50 female graduates will provide a sample mean within $1.00 of the population mean, $27.83?
c. In which of the preceding two cases, part (a) or part (b), do we have a higher probability of obtaining a sample estimate within $1.00 of the population mean? Why?
d. What is the probability that a sample of 120 female graduates will provide a sample mean more than $.60 below the population mean, 27.83?
Step by Step Answer:
Essentials Of Modern Business Statistics With Microsoft Excel
ISBN: 9780357131626
8th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran