Students studying at UMD spend an average of $172 50 per week on basic needs other than housing Use this figure as the population mean and assume that population standard deviation is $70 00 What is the probability that the mean expenditure for a sample of 35 students is within $20 of the population mean What assumption do you need to make for this calculation What is the probability that the mean expenditure for a sample of 50 students is within $20 of the population mean What is the probability that the mean expenditure for a sample of 70 students is within $20 of the population mean Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend in order to have at least a 95 probability that the sample mean is within $20 of the population mean Using the standard error in c), calculate the value of x 1, x 2 such that P (x 1 x x 2 ) 95 and express that result in terms of a range around the original population mean of $172 50 Hint Use the conversion formula from z to x

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 05, 2024

Students studying at UMD spend an average of $172.50 per week on basic needs other than housing. Use this figure as the population mean and

Students studying at UMD spend an average of $172.50 per week on basic needs other than housing. Use this figure as the population mean and assume that population standard deviation is $70.00.

What is the probability that the mean expenditure for a sample of 35 students is within $20 of the population mean? What assumption do you need to make for this calculation?
What is the probability that the mean expenditure for a sample of 50 students is within $20 of the population mean?
What is the probability that the mean expenditure for a sample of 70 students is within $20 of the population mean?
Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend in order to have at least a .95 probability that the sample mean is within $20 of the population mean?
Using the standard error in c), calculate the value of x_1,x₂ such that P (x₁ x x₂) = .95 and express that result in terms of a range around the original population mean of $172.50.Hint: Use the conversion formula from z to x.