MindTap Business Statistics, 1 term (6 months) Printed Access Card for Anderson/Sweeney/Williams/Camm/Cochran's Essentials of Statistics for Business and Economics, 8th
8th Edition
ISBN: 9781337114288
Author: Anderson, David R.; Sweeney, Dennis J.; Williams, Thomas A.; Camm, Jeffrey D.; Cochran, James J.
Publisher: Cengage Learning
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Chapter 7.5, Problem 27E
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.
- a. What is the
probability that a sample of 50 male graduates will provide a samplemean 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. In which of the preceding two cases, part (a) or part (b), do we have a higher probability of obtaining a sample estimate within $.50 of the population mean? Why?
- d. 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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Chapter 7 Solutions
MindTap Business Statistics, 1 term (6 months) Printed Access Card for Anderson/Sweeney/Williams/Camm/Cochran's Essentials of Statistics for Business and Economics, 8th
Ch. 7.2 - Consider a finite population with five elements...Ch. 7.2 - Assume a finite population has 350 elements. Using...Ch. 7.2 - Industrial Stock Performance. Fortune publishes...Ch. 7.2 - The 10 most active stocks on the New York Stock...Ch. 7.2 - A student government organization is interested in...Ch. 7.2 - 6. The County and City Data Book, published by the...Ch. 7.2 - 7. Assume that we want to identify a simple random...Ch. 7.2 - 8. The following stocks make up the Dow Jones...Ch. 7.2 - 9. The Wall Street Journal provides the net asset...Ch. 7.2 - 10. Indicate which of the following situations...
Ch. 7.3 - The following data are from a simple random...Ch. 7.3 - Prob. 12ECh. 7.3 - 13. A sample of 5 months of sales data provided...Ch. 7.3 - 14. Morningstar publishes ratings data on 1208...Ch. 7.3 - The National Football League (NFL) polls fans to...Ch. 7.3 - 16. A sample of 426 U.S. adults age 50 and older...Ch. 7.3 - 17. One of the questions in the Pew Internet &...Ch. 7.5 - 18. A population has a mean of 200 and a standard...Ch. 7.5 - A population has a mean of 200 and a standard...Ch. 7.5 - 20. Assume the population standard deviation is σ...Ch. 7.5 - 21. Suppose a random sample of size 50 is selected...Ch. 7.5 - Sampling Distribution for Electronic Associates,...Ch. 7.5 - Finding Probabilities for Electronic Associates,...Ch. 7.5 - Barrons reported that the average number of weeks...Ch. 7.5 - Prob. 25ECh. 7.5 - Prob. 26ECh. 7.5 - The Economic Policy Institute periodically issues...Ch. 7.5 - 28. The state of California has a mean annual...Ch. 7.5 - 29. The mean preparation fee H&R Block charged...Ch. 7.5 - To estimate the mean age for a population of 4000...Ch. 7.6 - A sample of size 100 is selected from a population...Ch. 7.6 - 32. A population proportion is .40. A sample of...Ch. 7.6 - Prob. 33ECh. 7.6 - 34. The population proportion is .30. What is the...Ch. 7.6 - Orders from First-Time Customers. The president of...Ch. 7.6 - The Wall Street Journal reported that the age at...Ch. 7.6 - Prob. 37ECh. 7.6 - Unnecessary Medical Care. According to Readers...Ch. 7.6 - Prob. 39ECh. 7.6 - 40. The Grocery Manufacturers of America reported...Ch. 7.6 - 41. The Food Marketing Institute shows that 17% of...Ch. 7 - Shadow Stocks. Jack Lawler, a financial analyst,...Ch. 7 - The latest available data showed health...Ch. 7 - 44. Foot Locker uses sales per square foot as a...Ch. 7 - Allegiant Airlines charges a mean base fare of 89....Ch. 7 - After deducting grants based on need, the average...Ch. 7 - Prob. 47SECh. 7 - Survey Research Results. A researcher reports...Ch. 7 - Production Quality Control. A production process...Ch. 7 - Australians and Smoking. Reuters reports that 15...Ch. 7 - 51. A market research firm conducts telephone...Ch. 7 - Advertisers contract with Internet service...Ch. 7 - The proportion of individuals insured by the...Ch. 7 - Lori Jeffrey is a successful sales representative...Ch. 7 - Managerial Report Prepare a managerial report that...
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