BusinessWeek conducted a survey of graduates from 30 top MBA programs (BusinessWeek, September 22, 2003). On the
Question:
Assume the standard deviation for the male graduates is $40,000, and for the female graduates it is $25,000.
a. What is the probability that a simple random sample of 40 male graduates will provide a sample mean within $10,000 of the population mean, $168,000?
b. What is the probability that a simple random sample of 40 female graduates will provide a sample mean within $10,000 of the population mean, $117,000?
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 $10,000 of the population mean? Why?
d. What is the probability that a simple random sample of 100 male graduates will provide a sample mean more than $4000 below the population mean?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Statistics For Business And Economics
ISBN: 9780538481649
11th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams
Question Posted: