5. Suppose monthly starting salaries for new college graduates in economics follow a normal distribution with mean of $5500 and standard deviation of $2000 and you are interested in estimating the population mean of $5500 based on a survey of n graduates. Conduct the following simulations to see the sampling distribution of X = Σ" X₁/n, where X; is a monthly starting salary of ith surveyee. (a) Generate n = 10 data following N(5500, 2000²) and calculate the sample average X. Repeat 100 times and draw a histogram of Xs, using using a class width of $200 with the first class at $4000 and the last class at $8000.

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5. Suppose monthly starting salaries for new college graduates in economics follow a normal
distribution with mean of $5500 and standard deviation of $2000 and you are interested
in estimating the population mean of $5500 based on a survey of n graduates. Conduct the
following simulations to see the sampling distribution of X = X X₁/n, where X; is a monthly
starting salary of ith surveyee.
(a) Generate n = 10 data following N(5500, 2000²) and calculate the sample average X.
Repeat 100 times and draw a histogram of Xs, using using a class width of $200 with
the first class at $4000 and the last class at $8000.
Transcribed Image Text:5. Suppose monthly starting salaries for new college graduates in economics follow a normal distribution with mean of $5500 and standard deviation of $2000 and you are interested in estimating the population mean of $5500 based on a survey of n graduates. Conduct the following simulations to see the sampling distribution of X = X X₁/n, where X; is a monthly starting salary of ith surveyee. (a) Generate n = 10 data following N(5500, 2000²) and calculate the sample average X. Repeat 100 times and draw a histogram of Xs, using using a class width of $200 with the first class at $4000 and the last class at $8000.
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