Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The United States Bureau of Labor Statistics (BLS) conducts the Quarterly Census of Employment and Wages (QCEW) and reports a variety of information on each
The United States Bureau of Labor Statistics (BLS) conducts the Quarterly Census of Employment and Wages (QCEW) and reports a variety of information on each county in America. In the third quarter of 2016, the QCEW reported the total taxable earnings, in millions, of all wage earners in all 3222 counties in America. Suppose that James is an economist who collects a simple random sample of the total taxable earnings of workers in 56 American counties during the third quarter of 2016. According to the QCEW, the true population mean and standard deviation of taxable earnings, in millions of dollars, by county are j = 28.29 and a = 33.493, respectively. Let X be the total taxable earnings, in millions, of all wage earners in a county. The mean total taxable earnings of all wage earners in a county across all the counties in James' sample is x. Use the central limit theorem (CLT) to determine the probability P that the mean taxable wages in James' sample of 56 counties will be less than $33 million. Report your answer to four decimal places. P(x 30)=
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started