Based on a recent report, the cost of healthcare is $8,086 per person in the United States. Suppose that this is the population mean and the population standard deviation is $2,500. A research firm will take a sample of 15 people to investigate the nature of their health expenditures. a) What is the probability the sample mean amount of healthcare expenditure will be greater than $9,000? b) What is the probability the sample mean will be within $500 of the population mean? c) What is the probability the sample mean will be within $1,000 of the population mean? Note: Since the sample size is smaller than 30, theoretically, the central limit theorem does not apply and therefore we must make the assumption that healthcare cost per person follows normal distributio
Based on a recent report, the cost of healthcare is $8,086 per person in the United States. Suppose that this is the population mean and the population standard deviation is $2,500. A research firm will take a sample of 15 people to investigate the nature of their health expenditures. a) What is the probability the sample mean amount of healthcare expenditure will be greater than $9,000? b) What is the probability the sample mean will be within $500 of the population mean? c) What is the probability the sample mean will be within $1,000 of the population mean? Note: Since the sample size is smaller than 30, theoretically, the central limit theorem does not apply and therefore we must make the assumption that healthcare cost per person follows normal distributio
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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Based on a recent report, the cost of healthcare is $8,086 per person in the United States. Suppose that this is the population
a) What is the probability the sample mean amount of healthcare expenditure will be greater than $9,000?
b) What is the probability the sample mean will be within $500 of the population mean?
c) What is the probability the sample mean will be within $1,000 of the population mean?
Note: Since the
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