The Economic Policy Institute periodically issues reports on wages of entry level workers. The Institute reported that entry level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2011 (Economic Policy Institute website, March 30, 2012). Assume the standard deviation for male graduates is $2.30, and for female graduates it is $2.05. Use z-table. Round your answers to four decimal places. a. What is the probability that a sample of 50 male graduates will provide a sample mean within $.50 of the population mean, $21.68? (Round z value in intermediate calculations to 2 decimal places.) b. What is the probability that a sample of 50 female graduates will provide a sample mean within $.50 of the population mean, $18.80? (Round z value in intermediate calculations to 2 decimal places.) c. In which of the preceding two cases, part (a) or part (b), do we have a higher probability of obtaining a sample estimate within $.50 of the population mean? Part (b) Do we have a higher probability of obtaining a sample estimate within $.50 of the population mean? Yes Why? Because the standard error for female graduates is smaller thanthe standard error for male graduates d. What is the probability that a sample of 120 female graduates will provide a sample mean more than $.30 below the population mean? (Round z value in intermediate calculations to 2 decimal places.) TABLE 1 CUMULATIVE PROBABILITIES FOR THE STANDARD NORMAI DISTRIBUTION (Continued) Cumulative probability Entries in the table give the area under the curve to the left of the z value. For example, for z 1.25, the cumulative probability is 8944 .02 03 .04 .06 .07 08 .09 0 5000 5040 5080 5120 5160 .5199 5239 5279 .5319 5359 1 5398 5438 5478 .5517 .5557 .5596 5636 .5675 5714 5753 .2 5793 5832 .5871 .5910 .5948 .5987 6026 6064 6103 6141 3 6179 6217 6255 6293 6331 6368 6406 6443 6480 .6517 4 6554 6591 6628 6664 6700 6736 6772 6808 6844 6879 5 6915 6950 6985 .7019 .7054 .7088 .7123 .7157 .7190 .7224 6 7257 7291 7324 .7357 .7389 7422 .7454 .7486 .7517 .7549 7 7580 7611 7642 7673 7704 .7734 .7764 .7794 .7823 .7852 8 7881 .7910 .7939 .7967 .7995 8023 8051 8078 8106 8133 9 8159 8186 8212 8238 8264 8289 8315 8340 8365 8389 1.0 8413 8438 8461 8485 8508 8531 8554 8577 85998621 1.1 8643 8665 8686 8708 8729 87498770 8790 8810 8830 1.2 8849 8869 8888 8907 8925 8944 8962 8980 89979015 1.3 .9032 .9049 .9066 .9082 .9099 .9115 .9131 .9147 .9162 .9177 14 9192 9207 9222 9236 .9251 9265 9279 9292 9306 9319 1.5 9332 9345 9357 9370 .9382 9394 9406 9418 9429 9441 .6 9452 9463 9474 9484 9495 9505 9515 9525 95359545 7 9554 .9564 9573 .9582 .9591 9599 .9608 9616 9625.9633 1.8 9641 .9649 9656 9664 .9671 9678 9686 9693 9699.9706 1.9 9713 9719 9726 9732 .9738 9744 9750 9756 976.9767 2.0 9772 9778 9783 9788 .9793 9798 9803 .9808 .9812 9817 2.1 9821 9826 9830 9834 .9838 9842 9846 9850 9854.9857 2.2 .9861 9864 9868 9871 9875 9878 9881 .9884 98879890 2.3 .9893 9896 9898 9901 9904 9906 .9909 9911.99139916 2.4 .9918 9920 9922 9925 9927 9929 9931 .9932 .99349936 .5 .9938 9940 9941 9943 9945 .9946 9948 .9949.99519952 2.6 9953 9955 9956 9957 9959 .9960 .9961 .9962 .99639964 2.7 .9965 9966 9967 9968 9969 .9970 9971 .9972 .99739974 2.8 .9974 9975 9976 .9977 9977 .9978 .9979 .9979.9980 9981 2.9 .9981 9982 9982 .9983 9984 .9984 .9985 .998599869986 3.0 .9987 9987 .9987 .9988 9988 .9989 .9989.9989.9990 9990
