Question

In: Statistics and Probability

1) Do you believe that the average age of executives from large corporations is exceedingly old?...

1) Do you believe that the average age of executives from large corporations is exceedingly old? It is believed the average age of the working public is 55.7 with a standard deviation of 2.55, if a survey of 300 chief executive officers of large corporations finds that the sample average age to be less than 55.5 or more than 55.9, serious suspicion will be raised about the average age of executives.

a)What is the minimum number out of this 300 that would make you question that the average age of CEO's is too high?




b)What is the maximum number out of this 300 that would make you question that the average age of CEO's is too low?



c)Find the absolute value of the critical values in terms of the standard normal scale, Z. Enter your answer to at least three decimal places.




d)What level of α was used here? Enter your answer to at least three decimal places.




e)If the actual average age of executives of large corporations is found to be 55.83, then what is the probability that our sample would have lead us to believe the average age of CEO's was too high? Use at least three digits.

Only A B D and E please, and if you use Minitab to answer the question could you please show the steps you took to do it.

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Expert Solution

orchestra answered 2 years ago
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