QUESTION 01 (10 points) - Sampling Distribution of the Sample Mean with n 30 The population of students graduating from a business school has a starting-salary distribution which is positively skewed with an average of 81.3 thousand dollars per year. The standard deviation of salary is 16.4 thousand dollars per year. We are interested in a simple random sample of 38 individuals, which are drawn from the student population. (a)[2] Describe the sampling distribution of the sample mean starting salary: distribution type, mean, and standard error. Justify the distribution type. (b)[2] Make two sketches, one for the population starting-salary distribution, and the other for the sampling distribution of the mean starting salary. Give some information in those sketches. Based on part (a), determine the probability that the sample mean starting salary is: (c)[2] equal to or more than 80 thousand dollars per year; (d)[4] and between 75 and 85 thousand dollars per year.

Hint: Use 4 decimal places. For parts (c) & (d), use z-score transformations and some lookups:

zv	-2.3680	-0.4886	-0.2443	0.6954	1.3908
NORM.S.DIST(zv, 1)	0.0089	0.3125	0.4035	0.7566	0.9178