University Costs. After deducting grants based on need, the average cost to attend the University of Southern California (USC) is $27,175. Assume the population standard deviation is $7400. Suppose that a random sample of 60 USC students will be taken from this population. a. What is the value of the standard error of the mean? b. What is the probability that the sample mean will be more than $27,175?
University Costs. After deducting grants based on need, the average cost to attend the University of Southern California (USC) is $27,175. Assume the population standard deviation is $7400. Suppose that a random sample of 60 USC students will be taken from this population. a. What is the value of the standard error of the mean? b. What is the probability that the sample mean will be more than $27,175?
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
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Author:Carter
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Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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Transcribed Image Text:the standard deviation for this population of fares is known to be $80. Suppose a
months of 2017 was $320.51. Assume
random sample of 60 flights departing from Buffalo Niagara International Airport
during the first three months of 2018 is taken.
a. If the mean and standard deviation of the population of airfares for flights
departing from Buffalo Niagara International Airport didn't changed between
the first three months of 2017 and the first three months of 2018, what is the
probability the sample mean will be within $20 of the population mean cost
per flight?
b. What is the probability the sample mean will be within $10 of the population mean
cost per flight?
54. University Costs. After deducting grants based on need, the average cost to attend the
University of Southern California (USC) is $27,175. Assume the population standard
deviation is $7400. Suppose that a random sample of 60 USC students will be taken
from this population.
a. What is the value of the standard error of the mean?
b. What is the probability that the sample mean will be more than $27,175?
Transcribed Image Text:A
Chapter 7 Sampling and Sampling Distributions
c. What is the probability that the sample mean will be within $1000 of the population
mean?
d. How would the probability in part (c) change if the sample size were increased
to 100?
55. Inventory Costs. Three firms carry inventories that differ in size. Firm A's invent-
ory contains 2000 items, firm B's inventory contains 5000 items, and firm C's
inventory contains 10,000 items. The population standard deviation for the cost of
the items in each firm's inventory is o = 144. A statistical consultant recommends
that each firm take a sample of 50 items from its inventory to provide statistic-
ally valid estimates of the average cost per item. Managers of the small firm state
imate
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