Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You may need to use the appropriate appendix table or technology to answer this question. The Economic Policy Institute periodically issues reports on workers'

image text in transcribed

You may need to use the appropriate appendix table or technology to answer this question. The Economic Policy Institute periodically issues reports on workers' wages. Suppose the institute reported that mean wages for male college graduates were $37.39 per hour and for female college graduates were $27.83 per hour in 2017. Assume the standard deviation for male graduates is $4.60 and for female graduates it is $4.10. (Round your answers to four decimal places.) (a) What is the probability that a sample of 90 male graduates will provide a sample mean within $1.00 of the population mean, $37.39? (b) What is the probability that a sample of 90 female graduates will provide a sample mean within $1.00 of the population mean, $27.83? (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 $1.00 of the population mean? Why? (d) Calculate the amount that is $0.60 less than the population mean of $27.83. What is the probability that a sample of 140 female graduates will provide a sample mean less than this amount? Step 1 (a) What is the probability that a sample of 90 male graduates will provide a sample mean within $1.00 of the population mean, $37.39? The population mean hourly wage for male graduates was given to be $37.39 with a standard deviation of $4.60. A sample from the population will not necessarily give these same values. Let x represent the sample mean hourly wage for a group of 90 males. To be within $1.00 of the population mean of $37.39 gives a range of hourly wages between X $37.39 $1.00 = $ SX and $37.39+ $1.00 = $ . Therefore, the desired probability that a sample mean of 90 males is within $1.00 of the population mean is

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

Spreadsheet Modeling And Decision Analysis A Practical Introduction To Business Analytics

Authors: Cliff Ragsdale

9th Edition

0357132092, 978-0357132098

More Books

Students also viewed these Mathematics questions

Question

What functions might this behavior be serving?

Answered: 1 week ago

Question

How are support cost driver rates determined? (LO 1, 2)

Answered: 1 week ago

Question

How is support cost estimated for individual jobs? (LO 1, 2)

Answered: 1 week ago