Question
In: Statistics and Probability
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $10,000 and $50,000 . Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired.
a. What is the planning value for the population standard deviation?
= ________
b. How large a sample should be taken if the desired margin of error is $400? Round your answer to next whole number.
_________
Solutions
Expert Solution
Solution :
Given that,
a) Population standard deviation =
= high value - low value / 4 ( range rule
thumb )
Population standard deviation =
= 50000 - 10000 / 4 = 10000
b) Margin of error = E = 400
At 95% confidence level the z is,
= 1 - 95%
= 1 - 0.95 = 0.05
/2 = 0.025
Z/2 = Z0.025 =
1.96
sample size = n = [Z/2* / E] 2
n = [1.96 * 10000 / 400]2
Sample size = n = 2401
orchestra answered 2 years agoRelated Solutions
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in
business administration are generally expected to be between
$30,000 and $45,000. Assume that a 95% confidence interval estimate
of the population mean annual starting salary is desired. Given the
information in the Microsoft Excel Online file below, construct a
spreadsheet to determine how large a sample should be taken for
each desired margin of error.
For a margin of error of ± $400 , the required sample size is
n =...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in
business administration are generally expected to be between
$40,000 and $54,200. Assume that a 95% confidence interval estimate
of the population mean annual starting salary is desired. (Round
your answers up to the nearest whole number.)
What is the planning value for the population standard
deviation?
(a)
How large a sample should be taken if the desired margin of
error is $600?
(b)
How large a sample should be taken if...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in
business administration are generally expected to be between
$10,000 and $50,000. Assume that a confidence interval estimate of
the population mean annual starting salary is desired.
a. What is the planning value for the population standard
deviation?
b. How large a sample should be taken if the desired margin of
error is $500? Round your answer to next whole number.
$230?
$140?
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in
business administration are generally expected to be between
$33,000 and $48,000. Assume that a 95% confidence interval estimate
of the population mean annual starting salary is desired. (Round
your answers up to the nearest whole number.)
1) What is the planning value for the population standard
deviation?
2) How large a sample should be taken if the desired margin of
error is $600?
3) How large a sample should be taken...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in
business administration are generally expected to be between
$39,000 and $57,600. Assume that a 95% confidence interval estimate
of the population mean annual starting salary is desired. (Round
your answers up to the nearest whole number.)
What is the planning value for the population standard
deviation?
a.How large a sample should be taken if the desired margin of
error is $500?
b.How large a sample should be taken if the desired...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in
business administration are generally expected to be between
$20,000 and $40,000. Assume that a 95% confidence interval estimate
of the population mean annual starting salary is desired. How large
a sample should be taken if the desired margin of error is:
a.$300
b.$230
c.$80 Would you recommend trying to obtain the $80 margin of
error? Explain.
A simple random sample of 80 items from a population with σ = 7
resulted...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in
business administration are generally expected to be between
$42,000 and $60,600. Assume that a 95% confidence interval estimate
of the population mean annual starting salary is desired. (Round
your answers up to the nearest whole number.)
What is the planning value for the population standard
deviation?
(a)
How large a sample should be taken if the desired margin of
error is $500?
(b)
How large a sample should be taken if...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in
business administration are generally expected to be between
$42,000 and $59,800. Assume that a 95% confidence interval estimate
of the population mean annual starting salary is desired. (Round
your answers up to the nearest whole number.)
What is the planning value for the population standard
deviation?
A. How large a sample should be taken if the desired margin of
error is $600?
B. How large a sample should be taken if...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in
business administration are generally expected to be between
$30,000 and $50,000. Assume that a 95% confidence interval estimate
of the population mean annual starting salary is desired. How large
a sample should be taken if the desired margin of error is:
a. $400? Remove all commas from your answer
before submitting.
b. $230? Remove all commas from your answer
before submitting.
c. $140? Remove all commas from your answer
before submitting....
For a random sample of 12 business graduates from a technical college, the starting salaries accepted...
For a random sample of 12 business graduates from a technical
college, the starting salaries accepted for employment on
graduation (in thousands of dollars) were the following:
26.2 29.3 31.3 28.7
27.4 25.1 26.0 27.2
27.5 29.8
32.6 34.6
For an independent random sample of 10 graduates from a state
university, the corresponding figures were as follows:
25.3 28.2 29.2
27.1 26.8 26.5 30.7
31.3 26.3 24.9
Analyze the data using the Mann-Whitney test, and comment on the
results....
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- (Annuity payments) The Knutson Corporation needs to save $15 million to retire a $15 million mortgage...
- Classful Subnetting Given the following IP address of 212.134.99.112 with a subnet mask of 255.255.255.224 Class...
- Now explain how the ethnography methodology benefited the researchers to come to those conclusions about homelessness...
- The pKa of an aspartic acid side chain buried in the hydrophobic core of a protein...
- This question refers to BSG-Online (business strategy game). Why are the following items listed below important?...
- You may identify a particular company and how the marketplace that they have created is an...
- You are to start a new job earning $10 000 / month, plus allowances to the...
ADVERTISEMENT