According to Wikipedia.com, net worth is deﬁned as total assets (value of house, cars, money, etc.) minus total liabilities (mortgage balance, credit card debt, etc.). According to a recent study by TNS Financial Services, 7% of American households had a net worth in excess of $1 million (excluding their primary residence). A random sample of 1000 American households results in 82 having a net worth in excess of $1 million. Explain why the results of this survey do not necessarily imply that the proportion of households with a net worth in excess of $1 million has increased.
Answer to relevant QuestionsA simple random sample of size n = 10 is obtained from a population that is normally distributed with µ = 30 and σ = 8. What is the sampling distribution of x̄? Determine µx̄ and σx̄ from the given parameters of the population and the sample size. µ = 27, σ = 6, n = 15 The length of human pregnancies is approximately normally distributed with mean µ = 266 days and standard deviation σ = 16 days. (a) What is the probability a randomly selected pregnancy lasts less than 260 days? (b) ...The Food and Drug Administration sets Food Defect Action Levels (FDALs) for some of the various foreign substances that inevitably end up in the food we eat and liquids we drink. For example, the FDAL for insect ﬁlth in ...Suppose Jack and Diane are each attempting to use simulation to describe the sampling distribution from a population that is skewed left with mean 50 and standard deviation 10. Jack obtains 1000 random samples of size n = 3 ...
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