Question
Please tell me how to do the question in Excel. And please show me how the answer looks in Excel. Barron's reported that the average
Please tell me how to do the question in Excel. And please show me how the answer looks in Excel.
Barron's reported that the average number of weeks an individual is unemployed is 17.5 weeks. Assume that for the population of all unemployed individuals the population mean length of unemployment is 17.5 weeks and that the population standard deviation is 4 weeks. Suppose you would like to select a random sample of 50 unemployed individuals for a follow-up study.
Based on the above information, answer the following questions:
Qs. 1 a. Will the sampling distribution of x (the sample mean average for a sample of 50 unemployed individuals) be a normal distribution?
b.Compute the mean, E( X ) and standard deviation of x . Hint: Standard deviation of a samplemean is equal to the sample deviation of the population divided by the square root of the sample size.
Qs. 2. What is the probability that a simple random sample of 50 unemployed individuals will provide a sample mean within 1 week of the population mean i.e. between 16.5 and 18.5 weeks? Hint: compute the probabilities using NORM.DIST in Excel
Qs. 3 What is the probability that a simple random sample of 50 unemployed individuals will provide a sample mean within half week of the population mean i.e. between 17 and 18 weeks?
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