The Economic Policy Institute periodically issues reports on wages of entry-level workers. The Institute reported that entry-level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2011 (Economic Policy Institute website, March 30, 2012). Assume the standard deviation for male graduates is $2.30 , and for female graduates it is $2.05. Use z-table. Round your answers to four decimal places. a. What is the probability that a sample of 50 male graduates will provide a sample mean within $.50 of the population mean, $21.68? b. What is the probability that a sample of 50 female graduates will provide a sample mean within $.50 of the population mean, $18.80? c. What is the probability that a sample of 120 female graduates will provide a sample mean more than $.30 below the population mean?
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
The Economic Policy Institute periodically issues reports on wages of entry-level workers. The Institute reported that entry-level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2011 (Economic Policy Institute website, March 30, 2012). Assume the standard deviation for male graduates is $2.30 , and for female graduates it is $2.05. Use z-table.
Round your answers to four decimal places.
a. What is the
b. What is the probability that a sample of 50 female graduates will provide a sample mean within $.50 of the population mean, $18.80?
c. What is the probability that a sample of 120 female graduates will provide a sample mean more than $.30 below the population mean?
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