The average income of a country is known to be 10 000 with standard deviation 2500. A

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The average income of a country is known to be £10 000 with standard deviation £2500. A sample of 40 individuals is taken and their average income calculated.

(a) What is the probability distribution of this sample mean?

(b) What is the probability of the sample mean being over £10 500?

(d) If the sample size were 10, why could you not use the same methods to find the answers to (a)–(c)?

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Statistics For Economics Accounting And Business Studies

ISBN: 978027368308

4th Edition

Authors: Michael Barrow

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Question Posted: Aug 25, 2020 08:17 AM

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The average income of a country is known to be 10 000 with standard deviation 2500. A

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a Mean 10000 Stdev 2500 n 40 The sample probability ...View the full answer

Statistics For Economics Accounting And Business Studies

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