Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need some help please 6. The average yearly Medicare Hospital Insurance benefit per person was $4064 in a recent year with a standard deviation

I need some help please

image text in transcribed
6. The average yearly Medicare Hospital Insurance benefit per person was $4064 in a recent year with a standard deviation of $460. A medical care researcher gathers a random sample of 40 Medicare patients from the population of 44 million Medicare users. a. Verify that the conditions of the Central Limit Theorem for Means are met. b. Describe the sampling distribution of the sample mean. (Give shape, center, and spread using symbols and with explanations or formulas as necessary; Give 4 decimal places) (For parts c & d - Shade and label appropriately; Give 4 decimal places and P(X) notation from StatCrunch, circling the answer) c. There is a 85% chance the mean amount of Medicare hospital Insurance benefit for a group of 40 random Medicare patients is at or above (Give units) d. Would it be unusual for the mean Medicare Hospital Insurance benefit for a random group of 40 Medicare patients to be less than $3900? Explain using probability

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Mathematics questions