Question

In: Statistics and Probability

The Economic Policy Institute periodically issues reports on wages of entry-level workers. The institute reported that...

The Economic Policy Institute periodically issues reports on wages of entry-level workers. The institute reported that entry-level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2011 (Economic Policy Institute website, March 30, 2012). Assume the standard deviation for male graduates is $2.30, and for female graduates it is $2.05. Assume all samples referenced below are simple random samples and large enough so that the central limit theorem applies but small enough that the infinite population formulas apply.

a. What is the probability that a sample of 50 male graduates will provide a sample mean within $.50 of the population mean, $21.68?

b. What is the probability that a sample of 50 female graduates will provide a sample mean within $.50 of the population mean, $18.80?

c. In which of the preceding two cases, part (a) or part (b), do we have a higher probability of obtaining a sample estimate within $.50 of the population mean? Why?

d. What is the probability that a sample of 120 female graduates will provide a sample mean more than $.30 below the population mean?

Solutions

Expert Solution

orchestra answered 1 year ago
Next > < Previous

Related Solutions

The Economic Policy Institute periodically issues reports on wages of entry level workers. The Institute reported...
The Economic Policy Institute periodically issues reports on wages of entry level workers. The Institute reported that entry level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2011 (Economic Policy Institute website, March 30, 2012). Assume the standard deviation for male graduates is $2.30, and for female graduates it is $2.05 What is the probability that a sample of 50 male graduates will provide a sample mean within $.50...
The Economic Policy Institute periodically issues reports on wages of entry level workers. The institute reported...
The Economic Policy Institute periodically issues reports on wages of entry level workers. The institute reported that entry level wages for male college student graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2020. Assume the standard deviation for male graduates is $2.30, and for female graduates it is $2.05. a. What is the probability that a sample of 50 male graduates will provide a sample mean within $.50 of the population mean, $21.68?...
The Economic Policy Institute periodically issues reports on wages of entry-level workers. The institute reported that...
The Economic Policy Institute periodically issues reports on wages of entry-level workers. The institute reported that entry-level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2011. Assume that the standard deviation for male graduates is $2.30, and for female graduates, it is $2.05. (a) What is the sampling distribution of x for a random sample of 50 male college graduates? If required, round your answer to four decimal places....
The Economic Policy Institute periodically issues reports on wages of entry level workers. The institute reported...
The Economic Policy Institute periodically issues reports on wages of entry level workers. The institute reported that entry level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2011.† Assume the standard deviation for male graduates is $2.30, and for female graduates it is $2.05. (Round your answers to four decimal places.) 1. What is the probability that a sample of 60 male graduates will provide a sample mean within...
Our university periodically issues reports on wages of entry-level workers. We reported that entry-level wages for...
Our university periodically issues reports on wages of entry-level workers. We reported that entry-level wages for male college graduates were $23.68 per hour and for female college graduates were $20.80 per hour in 2019. Assume that the standard deviation for male graduates is $2.40 and for female graduates it is $2.15. What is the sampling distribution of x for a random sample of 50 male college graduates? What is the sampling distribution of x for a random sample of 50...
The Economic Policy Institute reports that the average entry-level wage for male college graduates is $22.07...
The Economic Policy Institute reports that the average entry-level wage for male college graduates is $22.07 per hour and for female college graduates is $19.85 per hour. The standard deviation for male graduates is $3.77 and for female graduates is $3.11. Assume wages are normally distributed. Question 1: If 25 females graduates are chosen, find the probability the sample average entry-level wage is at least $20.60.
A research institute reports that 65% of workers reported that they and/or their spouse had saved...
A research institute reports that 65% of workers reported that they and/or their spouse had saved some moneh for retirement. Complete the parts below. a. if a random sample of 50 workers is taken, what is the probability that fewer than 29 workers and/or their spouses have saved some money for retirement? b. If a random sample of 60 workers is taken, what is the probability that more than 48 workers and/or their spouses have saved money for retirement
The IT Director at the Regional Economic Studies Institute (RESI), an economic and policy analysis/research group...
The IT Director at the Regional Economic Studies Institute (RESI), an economic and policy analysis/research group at Towson University, learned that you are taking a database management system class this fall, and she decided to hire you as a DBA. They would like to design an ER schema for keeping track of information about votes taken in the U.S. House of Representatives during the current two-year congressional session. The database needs to keep track of each U.S. STATE’s Name (e.g.,...
PODCAST Raising wages and strengthening economic progress for American workers Jared Bernstein, Jay Shambaugh, and Adrianna...
PODCAST Raising wages and strengthening economic progress for American workers Jared Bernstein, Jay Shambaugh, and Adrianna PitaWednesday, March 14, 2018 The Brookings Institution has released a half-hour podcast interviewing two economists about strategies to raise wages and strengthen the economy for American workers. In this episode, Jay Shambaugh, director of The Hamilton Project and senior fellow in Economic Studies at Brookings, and Jared Bernstein, senior fellow at the Center on Budget and Policy Priorities, discuss the decades-long trend of real...
PODCAST Raising wages and strengthening economic progress for American workers Jared Bernstein, Jay Shambaugh, and Adrianna...
PODCAST Raising wages and strengthening economic progress for American workers Jared Bernstein, Jay Shambaugh, and Adrianna PitaWednesday, March 14, 2018 The Brookings Institution has released a half-hour podcast interviewing two economists about strategies to raise wages and strengthen the economy for American workers. In this episode, Jay Shambaugh, director of The Hamilton Project and senior fellow in Economic Studies at Brookings, and Jared Bernstein, senior fellow at the Center on Budget and Policy Priorities, discuss the decades-long trend of real...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT