Question: In the EAI sampling problem, the population mean is $51,200 and the population standard deviation is $4,000. When the sample size is n = 30,

In the EAI sampling problem, the population mean is $51,200 and the population standard deviation is $4,000. When the sample size is n = 30, there is a 0.5878 probability of obtaining a sample mean within +/- $600 of the population mean.
A) What is the probability that the sample mean is within $600 of the population mean if a sample of size 60 is used (to 4 decimals)?
B) What is the probability that the sample mean is within $600 of the population mean if a sample of size 120 is used (to 4 decimals)?

Step by Step Solution

★★★★★

3.39 Rating (149 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To solve this problem we will use the concept of the sampling distribution of the sample mean The sa... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (2 attachments)

60959ca663450_26051.pdf

180 KBs PDF File

60959ca663450_26051.docx

120 KBs Word File

Students Have Also Explored These Related Mathematics Questions!

In the EAI sampling problem (see Figure 7.5), we showed that for n = 30, there was .5034 probability of obtaining a sample mean within $500 of the population mean. a. What is the probability that is...

In the EAI sampling problem (see Figure 7.8), we showed that for n =30, there was .5064 probability of obtaining a sample mean within $500 of the population mean. a. What is the probability that is...

Write a comparative analysis that assesses the pros and cons (i.e., benefits and costs) of post-COVID-19 related macroeconomic policies between the united kingdom and india using macroeconomic...

In the EAi sampling problem, the population mean is $51,700 and the population standard deviation is $4,000. When the sample size is n=30, there is a 0.5034 probability of obtaining a sample mean...

Questions Exercise 07.19 Algo (Sampling Distribution of x) 1. 2. O In the EAI sampling problem, the population mean is $71,700 and the population standard deviation is $5000. For n = 30, there is a...

1. (35 points) Suppose serum folic acid levels in child-bearing women in U.S. population is Normally distributed with a population mean of 35.8 nmol/L and a population standard deviation of 13.9...

1What is the standard error of the sample mean? 0 The difference between the sample mean and population mean 0 Another term for the sample standard deviation 0 The standard deviation of the sampling...

Question 1 : CLT: True or False? The Central Limit Theorem (CLT) guarantees that the sample mean is normally distributed whenever the population size is sufficiently large, even if the underlying...

Construct confidence interval 1. Construct a 90% confidence interval for the population mean of the weights of elephants. The standard deviation of the weights of elephants is known to be...

What is the critical t* needed to construct a 90% confidence interval for a population mean when n = 20? Given a population standard deviation of = 7, what is the minimum sample size needed to...

In its annual report for the 2007 scal year, Carnival Corporation lists Note 7, entitled Contingencies, in the Notes to the Financial Statements. This note explains three different situations with...

Regarding the discussion of when McDonald's introduced its Dollar Menu strategy in the fall of 2002, why was the company assuming or hoping that the demand for its products was elastic? Did this...

Which of the following orders is most likely to increase the difference between the highest bid price and the lowest ask price? Group of answer choices A large market order A small limit order A...

Fifteen adult males between the ages of 35 and 50 participated in a study to evaluate the effect of diet and exercise on blood cholesterol levels. The total cholesterol was measured in each subject...

The budget director of Regal Furniture Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning...

Jack Herington has owned and operated a proprietorship for several years. On January 1, he decides to terminate this business and become a partner in the firm of Herington and Kaspar. Heringtons...

What is the nature of the authoritative guidance for advertising costs for entertainment companies?

Two known charges, -12.0 C and 45.0 C, and an unknown charge are located on the x axis. The charge -12.0 C is at the origin, and the charge 45.0 C is at x = 15.0 cm. The unknown charge is to be...

Week 8: Homework @ Saved Help 5 points eBook Print References Problem 14-03 (algo) Suppose the Federal Reserve decided to buy $10 billion worth of government securities in the open market....

23. In the EAI sampling problem (see Figure 7.5), we showed that for n 30, there was .5034 probability of obtaining a sample mean within $500 of the population mean. a. What is the probability that...

The number of times four people go grocery shopping in a month is given by the population values 51, 3, 5, 76. A probability histogram for the data is shown at the left. You randomly choose two of...

The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions...

In a sample of 100 eruptions of the Old Faithful geyser at Yellowstone National Park, the mean interval between eruptions was 129.58 minutes and the standard deviation was 108.54 minutes. A random...

The Chronicle of Higher Education (January 29, 2003) summarized an article that appeared on the American Prospect web site titled College Try: Why Universities Should Stop Encouraging Applicants to...

Multiple choice questions: 1. A sampling distribution is the probability distribution of a. A population parameter b. A sample statistic c. Any random variable 2. Non-sampling errors are a. The...