Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

................. The average income in a certain region in 2013 was $71,000 per person per year. Suppose the standard deviation is $29,000 and the distribution

.................

image text in transcribed
The average income in a certain region in 2013 was $71,000 per person per year. Suppose the standard deviation is $29,000 and the distribution is right-skewed. Suppose we take a random sample of 100 residents of the region. a. Is the sample size large enough to use the Central Limit Theorem for means? Explain. b. What are the mean and standard error of the sampling distribution? c. What is the probability that the sample mean will be more than $2,900 away from the population mean? a. Choose the correct answer below. 0 A. Yes, it is large enough because the population standard deviation of 29,000 is larger than the sample size of 100. O B. Yes, it is large enough because the sample size of 100 is greater than 25. O C. No, it is not large enough because the sample size of 100 is not greater than 10% of the population. 0 D. No, it is not large enough because the sample size of 100 is less than 250. b. The mean is $|:| and the standard error is $ (Type integers or decimals. Do not round.) c. The probability is :|. (Round to four decimal places as needed.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Principles of Accounting

Authors: Needles, Powers, crosson

11th Edition

1439037744, 978-1133626985, 978-1439037744

Students also viewed these Mathematics questions

Question

What is one of the skills required for independent learning?Explain

Answered: 1 week ago