Cost of Attendance at a Four Year College The US Department of Education wants you to write up a report on the mean postgraduate earnings for undergraduates in the United States. You do not have the budget to collect earnings data for the entire population, so instead you collect a randomly selected sample of 100 undergraduates. The mean earnings in the sample is $50,000 and the standard deviation is $7000. n 1 point 5' At the 95% condence level, which of the following are possible values of mean earnings in the US population of undergraduates? 50,000 5 1,002 52,000 49,121 47,254 1 point Now suppose we collect a sample of 25 students instead of 100 students. Which of the following is true? There is no clear prediction because the sample mean is a random variable. The margin of error will decrease The standard error will increase The condence level will decrease The size of the 95% condence interval will decrease Cost of Attendance at a Four Year College The US Department of Education wants you to write up a report on the mean postgraduate earnings for undergraduates in the United States. You do not have the budget to collect earnings data for the entire population, so instead you collect a randomly selected sample of 100 undergraduates. The mean earnings in the sample is $50,000 and the standard deviation is $7000. The condence level will decrease The size of the 95% condence interval will decrease 1 point 5 Now suppose in addition to collecting information on mean individual earnings, we also collect information on mean household earnings (same sample size of 100 students). In the student sample, mean household earnings are $85,000 with a standard deviation of $4,000. Which of the following is true? The margin of error for individual mean earnings is smaller thant the margin of error for household mean earnings. The size of the 95% confidence interval for individual mean earnings will be larger compared to the 95% confidence interval for mean household earnings The size of the 95% confidence interval for individual mean earnings will be smaller compared to the 95% confidence interval for mean household earnings The margin of error for individual mean earnings is greater than the margin of error for household mean earnings