An economist wishes to estimate the average family income in a certain population. The population standard deviation is known to be $4,500, and the economist uses a random sample of size n = 225. What is the probability that the sample mean will fall within $800 of the population mean?
Answer to relevant QuestionsWhen sampling is done for the proportion of defective items in a large shipment, where the population proportion is 0.18 and the sample size is 200, what is the probability that the sample proportion will be at least 0.20? Shimano mountain bikes are displayed in chic clothing boutiques in Milan, Italy, and the average price for the bike in the city is $700. Suppose that the standard deviation of bike prices is $100. If a random sample of 60 ...An article in the New York Times describes an interesting business phenomenon. The owners of small businesses tend to pay themselves much smaller salaries than they would earn had they been working for someone else. Suppose ...In problem 5-41, what is the probability that the sample mean will be at least 1,000? Do you need to use the central limit theorem to answer this question? Explain. In problem 5-41 Suppose you are sampling from a population ...Residential real estate in New York rents for an average of $44 per square foot, for a certain segment of the market. If the population standard deviation is $7, and a random sample of 50 properties is chosen, what is the ...
Post your question