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. What is the probability that a sample of 50 male graduates will provide a sample mean within $.50 of the population mean, $21.68? What is the probability that a sample of 50 female graduates will provide a sample mean within $.50 of the population mean, $18.80? 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? What is the probability that a sample of 120 female graduates will provide a sample mean more than $.30 below the population mean
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.
-
What is the probability that a sample of 50 male graduates will provide a sample mean within $.50 of the population mean, $21.68?
-
What is the probability that a sample of 50 female graduates will provide a sample mean within $.50 of the population mean, $18.80?
-
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?
-
What is the probability that a sample of 120 female graduates will provide a sample mean more than $.30 below the population mean
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 4 images
