According to an IRS study, it takes a mean of 330 minutes for taxpayers to prepare, copy, and electronically file a 1040 tax form. This distribution of times follows the normal distribution and the standard deviation is 80 minutes. A consumer watchdog agency selects a random sample of 40 taxpayers. What is the standard error of the mean in this example? (Round your answer to 3 decimal places.) What is the likelihood the sample mean is greater than 320 minutes? (Round z value to 2 decimal places and final answer to 4 decimal places.) What is the likelihood the sample mean is between 320 and 350 minutes? (Round z value to 2 decimal places and final answer to 4 decimal places.) What is the likelihood the sample mean is greater than 350 minutes? (Round z value to 2 decimal places and final answer to 4 decimal places.)

The sample is a part/amount/division of the population. The taken sample may be small or large. If…

Answered: According to an IRS study, it takes a…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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According to an IRS study, it takes a mean of 330 minutes for taxpayers to prepare, copy, and electronically file a 1040 tax form. This distribution of times follows the normal distribution and the standard deviation is 80 minutes. A consumer watchdog agency selects a random sample of 40 taxpayers.

What is the standard error of the mean in this example? (Round your answer to 3 decimal places.)

What is the likelihood the sample mean is greater than 320 minutes? (Round z value to 2 decimal places and final answer to 4 decimal places.)

What is the likelihood the sample mean is between 320 and 350 minutes? (Round z value to 2 decimal places and final answer to 4 decimal places.)

What is the likelihood the sample mean is greater than 350 minutes? (Round z value to 2 decimal places and final answer to 4 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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