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51. Personal Health Expenditures. Data made available through the Petersen-Kaiser Health System Tracker in May 2018 showed health expenditures were $10,348 per person in the United States. Use $10,348 as the population mean and suppose a surve research firm will take a sample of 100 people to investigate the nature of their healt expenditures. Assume the population standard deviation is $2500. a. Show the sampling distribution of the mean amount of health care expenditure for a sample of 100 people. b. What is the probability the sample mean will be within ±$200 of the population mean? c. What is the probability the sample mean will be greater than $12,000? If the sur- yey research firm reports a sample mean greater than $12,000, would you questio dung? Why or why not?

51. Personal Health Expenditures. Data made available through the Petersen-Kaiser Health System Tracker in May 2018 showed health expenditures were $10,348 per person in the United States. Use $10,348 as the population mean and suppose a surve research firm will take a sample of 100 people to investigate the nature of their healt expenditures. Assume the population standard deviation is $2500. a. Show the sampling distribution of the mean amount of health care expenditure for a sample of 100 people. b. What is the probability the sample mean will be within ±$200 of the population mean? c. What is the probability the sample mean will be greater than $12,000? If the sur- yey research firm reports a sample mean greater than $12,000, would you questio dung? Why or why not?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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**Educational Content on Sampling and Health Expenditures** --- **50. Shadow Stocks** Jack Lawler, a financial analyst, seeks to prepare an article on the Shadow Stock portfolio, developed by the American Association of Individual Investors (AAII). A list of the 30 companies in this portfolio is provided in the file named *ShadowStocks*. Jack wants to select a simple random sample of 5 companies for an interview on management practices. a. **Random Sampling Process:** Companies are listed in column A of an Excel worksheet. In column B, a random number has been generated for each company. Using these random numbers, select a simple random sample of 5 companies. b. **Regenerating a Random Sample:** Generate a new set of random numbers to select a new simple random sample. Check if the same companies are selected. --- **51. Personal Health Expenditures** Data from the Petersen-Kaiser Health System Tracker (May 2018) indicates that the average health expenditure was $10,348 per person in the U.S. Use this as the population mean. Assume the population standard deviation is $2500, and a survey will sample 100 people to analyze their health expenditures. a. **Sampling Distribution:** Demonstrate the sampling distribution of the mean amount of health care expenditures for a sample of 100 people. b. **Probability Within $200:** Calculate the probability that the sample mean will be within ±$200 of the population mean. c. **Sample Mean Greater Than $12,000:** Determine the probability that the sample mean will exceed $12,000. If a survey reports a sample mean greater than $12,000, should you question the survey's sampling procedures? Provide reasoning. --- **52. Foot Locker Store Productivity** Foot Locker uses sales per square foot to measure store productivity. Currently, sales are at $406 per square foot annually. Management has requested a study of a sample of 64 Foot Locker stores to determine the average annual sales per square foot. --- This educational content is designed to provide students with practical examples of statistical sampling and analysis. Through these exercises, you can explore random sampling techniques and apply probability concepts to real-world financial and health expenditure data.
Transcribed Image Text:**Educational Content on Sampling and Health Expenditures** --- **50. Shadow Stocks** Jack Lawler, a financial analyst, seeks to prepare an article on the Shadow Stock portfolio, developed by the American Association of Individual Investors (AAII). A list of the 30 companies in this portfolio is provided in the file named *ShadowStocks*. Jack wants to select a simple random sample of 5 companies for an interview on management practices. a. **Random Sampling Process:** Companies are listed in column A of an Excel worksheet. In column B, a random number has been generated for each company. Using these random numbers, select a simple random sample of 5 companies. b. **Regenerating a Random Sample:** Generate a new set of random numbers to select a new simple random sample. Check if the same companies are selected. --- **51. Personal Health Expenditures** Data from the Petersen-Kaiser Health System Tracker (May 2018) indicates that the average health expenditure was $10,348 per person in the U.S. Use this as the population mean. Assume the population standard deviation is $2500, and a survey will sample 100 people to analyze their health expenditures. a. **Sampling Distribution:** Demonstrate the sampling distribution of the mean amount of health care expenditures for a sample of 100 people. b. **Probability Within $200:** Calculate the probability that the sample mean will be within ±$200 of the population mean. c. **Sample Mean Greater Than $12,000:** Determine the probability that the sample mean will exceed $12,000. If a survey reports a sample mean greater than $12,000, should you question the survey's sampling procedures? Provide reasoning. --- **52. Foot Locker Store Productivity** Foot Locker uses sales per square foot to measure store productivity. Currently, sales are at $406 per square foot annually. Management has requested a study of a sample of 64 Foot Locker stores to determine the average annual sales per square foot. --- This educational content is designed to provide students with practical examples of statistical sampling and analysis. Through these exercises, you can explore random sampling techniques and apply probability concepts to real-world financial and health expenditure data.
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