Based on a sample of 80 recent MBA graduates (40 male and 40 female), the following information was made available regarding their annual salaries. The standard deviation of salaries for the male graduates was $40,000 and that for the female graduates was $25,000. a.) For the male graduates, what is the probability of obtaining a sample mean salary within $10,000 of the population mean? Show work. b.) Consider the same question in (a) but for the female graduates. In which case, males or females, do we have a higher probability of obtaining a sample estimate within $10,000 of the population mean? Why? Show work. c.) Suppose that the sample mean salary of females is $125,000. Develop a 95% confidence interval estimate for the mean salary of all female graduates.
Based on a sample of 80 recent MBA graduates (40 male and 40 female), the following information was made available regarding their annual salaries. The standard deviation of salaries for the male graduates was $40,000 and that for the female graduates was $25,000. a.) For the male graduates, what is the probability of obtaining a sample mean salary within $10,000 of the population mean? Show work. b.) Consider the same question in (a) but for the female graduates. In which case, males or females, do we have a higher probability of obtaining a sample estimate within $10,000 of the population mean? Why? Show work. c.) Suppose that the sample mean salary of females is $125,000. Develop a 95% confidence interval estimate for the mean salary of all female graduates.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Based on a sample of 80 recent MBA graduates (40 male and 40 female), the following information was made available regarding their annual salaries. The standard deviation of salaries for the male graduates was $40,000 and that for the female graduates was $25,000.
a.) For the male graduates, what is the probability of obtaining a sample mean salary within $10,000 of the population mean? Show work.
b.) Consider the same question in (a) but for the female graduates. In which case, males or females, do we have a higher probability of obtaining a sample estimate within $10,000 of the population mean? Why? Show work.
c.) Suppose that the sample mean salary of females is $125,000. Develop a 95% confidence interval estimate for the mean salary of all female graduates.
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