Question
In: Math
The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and...
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 for this population of taxpayers was $17,696. Assume that the standard deviation is o = $2,256. Use z-table.
a. What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $229 of the population mean for each of the following sample sizes: 30, 50, 100, and 400? Round your answers to four decimals.
b. What is the advantage of a larger sample size when attempting to estimate the population mean? Round your answers to four decimals.
A larger sample ( increases A the probability that the sample mean will be within a specified distance of the population mean. In the for a sample of size 30 to for a sample of automobile insurance example, the probability of being within +229 of u ranges from size 400.
Solutions
Expert Solution
| Answers | |
| n=30 | 0.4218 |
| n=50 | 0.5271 |
| n=100 | 0.6899 |
| n=400 | 0.9577 |
A large sample increase the probability that the sample mean will be within a specified distance of the population mean u ranges from 0.4218 for a sample size 30 to 0.9577 for a sample of 400.
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