a. What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $250 of the population mean for each of the following sample sizes: 30, 50, 100, and 400? Round your answers to four decimals. n = 30 n = 50 n = 100 n= 400

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...
icon
Related questions
Question
The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes
between $30,000 and $60,000 itemized deductions on their federal income tax return.
The mean amount of deductions for this population of taxpayers was $16,137. Assume
that the standard deviation is o = $2,397. Use z-table.
a. What is the probability that a sample of taxpayers from this income group who have
itemized deductions will show a sample mean within $250 of the population mean for
each of the following sample sizes: 30, 50, 100, and 400? Round your answers to four
decimals.
n = 30
n = 50
n = 100
n = 400
b. What is the advantage of a larger sample size when attempting to estimate the
population mean? Round your answers to four decimals.
A larger sample - Select your answer -
within a specified distance of the population mean. In the automobile insurance
example, the probability of being within +250 of u ranges from
the probability that the sample mean will be
for a sample
of size 30 to
for a sample of size 400.
Transcribed Image Text:The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $16,137. Assume that the standard deviation is o = $2,397. Use z-table. a. What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $250 of the population mean for each of the following sample sizes: 30, 50, 100, and 400? Round your answers to four decimals. n = 30 n = 50 n = 100 n = 400 b. What is the advantage of a larger sample size when attempting to estimate the population mean? Round your answers to four decimals. A larger sample - Select your answer - within a specified distance of the population mean. In the automobile insurance example, the probability of being within +250 of u ranges from the probability that the sample mean will be for a sample of size 30 to for a sample of size 400.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability
A First Course in Probability
Probability
ISBN:
9780321794772
Author:
Sheldon Ross
Publisher:
PEARSON