last?dep=26418811 Suppose data made available through a health system tracker showed health expenditures were $10,348 per person in the United States. Use $10,348 as the population mean and suppose a survey research firm will take a sample of 100 people to investigate the nature of their health expenditures. Assume the population standard deviation is $2,500. (a) Show the sampling distribution of the mean amount of health care expenditures in dollars for a sample of 100 people. -250 250 500 750 -500 -250 250 500 9848 10 098 10348 10598 10 848 5348 7848 10348 12848 15 348 (b) What is the probability the sample mean will be within +$150 of the population mean? (Round your answer to four decimal places.) (c) What is the probability the sample mean will be greater than $12,600? (Round your answer to four decimal places.)
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
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