A large corporation employs 37525 individuals. The average income of all employees is $76294, with a standard deviation of $17726 and is skewed to the right. Consider this to be the population distribution.You are given a data set consisting of the incomes of 140 randomly selected employees.The population mean is μ=μ= The population standard deviation is σ=σ= The sample size is n=n= Since the sample size is relatively large, the Central Limit Theorem tells us that the sample averages should have a sampling distribution that is (skewed to the rightapproximately normal).The sampling distribution of the sample means is centered at the (populationsample) mean.The sampling distribution has a standard deviation of SD=σ√n=SD=σn= . Round to two decimal places.

Given: Population mean=76294 Population standard deviation=17726 sample size=140 The population…

Answered: A large corporation employs 37525…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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A large corporation employs 37525 individuals. The average income of all employees is $76294, with a standard deviation of $17726 and is skewed to the right. Consider this to be the population distribution.

You are given a data set consisting of the incomes of 140 randomly selected employees.

The population mean is μ=μ=
The population standard deviation is σ=σ=
The sample size is n=n=
Since the sample size is relatively large, the Central Limit Theorem tells us that the sample averages should have a sampling distribution that is (skewed to the rightapproximately normal).
The sampling distribution of the sample means is centered at the (populationsample) mean.
The sampling distribution has a standard deviation of SD=σ√n=SD=σn= . Round to two decimal places.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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