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The Economic Policy Institute periodically issues reports on workers' wages. Suppose the institute reported that mean wages for male college graduates were $37.39 per hour and for female college graduates were $27.83 per hour in 2017. Assume the standard deviation for male graduates is $4.60 and for female graduates it is $4.10. (Round your answers to four decimal places.) (a) What is the probability that a sample of 60 male graduates will provide a sample mean within $1.00 of the population mean, $37.39? (b) What is the probability that a sample of 60 female graduates will provide a sample mean within $1.00 of the population mean, $27.83? (c) In which of the preceding two cases, part (a) or part (b), do we have a higher probability of obtaining a sample estimate within $1.00 of the population mean? Why? O part (b), because the standard error is lower O part (a), because the standard error is higher O part (a), because the standard error is lower O part (b), because the standard error is higher

The Economic Policy Institute periodically issues reports on workers' wages. Suppose the institute reported that mean wages for male college graduates were $37.39 per hour and for female college graduates were $27.83 per hour in 2017. Assume the standard deviation for male graduates is $4.60 and for female graduates it is $4.10. (Round your answers to four decimal places.) (a) What is the probability that a sample of 60 male graduates will provide a sample mean within $1.00 of the population mean, $37.39? (b) What is the probability that a sample of 60 female graduates will provide a sample mean within $1.00 of the population mean, $27.83? (c) In which of the preceding two cases, part (a) or part (b), do we have a higher probability of obtaining a sample estimate within $1.00 of the population mean? Why? O part (b), because the standard error is lower O part (a), because the standard error is higher O part (a), because the standard error is lower O part (b), because the standard error is higher

MATLAB: An Introduction with Applications
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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You may need to use the appropriate appendix table or technology to answer this question. The Economic Policy Institute periodically issues reports on workers' wages. Suppose the institute reported that mean wages for male college graduates were $37.39 per hour and for female college graduates were $27.83 per hour in 2017. Assume the standard deviation for male graduates is $4.60 and for female graduates it is $4.10. (Round your answers to four decimal places.) (a) What is the probability that a sample of 60 male graduates will provide a sample mean within $1.00 of the population mean, $37.39? (b) What is the probability that a sample of 60 female graduates will provide a sample mean within $1.00 of the population mean, $27.83? (c) In which of the preceding two cases, part (a) or part (b), do we have a higher probability of obtaining a sample estimate within $1.00 of the population mean? Why? O part (b), because the standard error is lower O part (a), because the standard error is higher O part (a), because the standard error is lower O part (b), because the standard error is higher (d) Calculate the amount that is $0.60 less than the population mean of $27.83. What is the probability that a sample of 130 female graduates will provide a sample mean less than this amount?
Transcribed Image Text:You may need to use the appropriate appendix table or technology to answer this question. The Economic Policy Institute periodically issues reports on workers' wages. Suppose the institute reported that mean wages for male college graduates were $37.39 per hour and for female college graduates were $27.83 per hour in 2017. Assume the standard deviation for male graduates is $4.60 and for female graduates it is $4.10. (Round your answers to four decimal places.) (a) What is the probability that a sample of 60 male graduates will provide a sample mean within $1.00 of the population mean, $37.39? (b) What is the probability that a sample of 60 female graduates will provide a sample mean within $1.00 of the population mean, $27.83? (c) In which of the preceding two cases, part (a) or part (b), do we have a higher probability of obtaining a sample estimate within $1.00 of the population mean? Why? O part (b), because the standard error is lower O part (a), because the standard error is higher O part (a), because the standard error is lower O part (b), because the standard error is higher (d) Calculate the amount that is $0.60 less than the population mean of $27.83. What is the probability that a sample of 130 female graduates will provide a sample mean less than this amount?
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