The annual salary for a Chief Executive in May 2022 followed an approximately normal distribution with an average of $242,765 and a standard deviation of $43,754. Suppose we intend to take arandom sample of 11 Chief Executives and find its sample mean: x.a) For each of the following, select whether it is correct or incorrect.i) The sampling distribution for x will not necessarily be normally distributed because the standard deviation is so large relative to the mean. Incorrectii) The sampling distribution of x will be normally distributed because the sample size is large enough. Incorrectiii) The sampling distribution of x will be approximately normal because the population of Chief Executives is large. Incorrectiv) The sampling distribution of x will be approximately normal because the sample is selected from a population that is approximately normal. Correctb) What is the probability that our sample average is less than $222,352? (3 decimal places) .033 X

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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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The mean value of land and buildings per acre from a sample of farms is $1300, with a standard deviation of $100. The data set has a bell-shaped distribution. Using the empirical rule, determine which of the following farms, whose land and building values per acre are given, are unusual (more than two standard deviations from the mean). Are any of the data values very unusual (more than three standard deviations from the mean)? $1321 $1587 $1109 $959 $1492 $1458 Which of the farms are unusual (more than two standard deviations from the mean)? Select all that apply. A. $1587 B. $959 C. $1321 D. $1458 E. $1492 F. $1109
After numerous studies, it is estimated that the age of college students follows a normal distribution with a mean of 20.7 years and a standard deviation of 1.8 years. A random sample of 16 college students is taken and the sample mean and sample standard deviation are found to be 21.5 years and 2.3 years, respectively. a.Is the sample average of 21.5 considered an outlier (in other words, what is the chance of getting a sample mean at least as large as 21.5 assuming μ and σ are correct)? b. The calculated value of the sample standard deviation is larger than σ, is 2.3 years enough larger than 1.8 that the estimate of σ does not seem reasonable? Use probability to support your conclusion c.No matter what you got for an answer in part b, assume we no longer trust σ = 1.8 to be valid. Calculate the same probability as you did in part a, but this time, assume that σ is unknown.
Exhibit 11-3 The contents of a sample of 26 cans of apple juice showed a standard deviation of 0.06 ounce. We are interested in testing to determine whether the variance of the population is significantly more than .003. Refer to Exhibit 11-3. The p-value for this test is a) .05 b) greater than .10 c) less than .10 d) 1.96
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