Based on a survey, workers in Ontario earn an average of $60,000 per year with a...

Based on a survey, workers in Ontario earn an average of $60,000 per year with a known standard deviation of $6000. In an attempt to verify this salary level, a random sample of 36 workers in Ontario was selected. Let X represent the mean salary of these 36 workers.

a) Describe the sampling distribution of X.

b) Calculate the probability that X is between 58,500 and 63,000.

c) What is the 90th percentile for X.

Solutions

Expert Solution

a) The sampling distribution of X is Normally distributed with mean 60000 and standard deviation 1000

b) The probability that X is between 58,500 and 63,000 is 0.9319

c) The 90th percentile for X is 61281.55 61282

orchestra answered 1 year ago

Next > < Previous

Related Solutions

Assume you own a company with 50 employees – all salaried – earn on average 60,000/year....

Assume you own a company with 50 employees – all salaried – earn on average 60,000/year. What are the company’s full costs associated with payroll. Assume the company pays the base rate for State Unemployment Tax and therefore gets the full deduction on Federal Unemployment Tax. On October 12, 2011, Kern Company arranged with a supplier to replace its overdue $10,000 accounts payable by paying $2,500 in cash and signing a note for the remainder. The note matures in 90...

Suppose that, on average, electricians earn approximately μ = 54, 000 dollars per year in the...

Suppose that, on average, electricians earn approximately μ = 54, 000 dollars per year in the United States. Assume that the distribution for electricians' yearly earnings is normally distributed and that the standard deviation is σ = 12, 000. 1. (3 points) What is the probability that a randomly selected electrician's salary is more than $50,000 but less than $60,000? 2. (3 points) Tax code dictates that 40% income tax is applied to the electricians whose annual income is among...

1. A survey of 35 accountants shows the average salary is $60,000 with a population std...

1. A survey of 35 accountants shows the average salary is $60,000 with a population std deviation of $8,000. a) what is a 95 % confidence interval of the true mean of the population.? b) What is the margin of error ? 2. The average time to be served at a diner is 10 minutes with a standard deviation of 3 minutes based on a survey of 20 customers. a) what is a 99 % confidence interval of the true...

The average expenditure per student (based on average daily attendance) for a certain school year was...

The average expenditure per student (based on average daily attendance) for a certain school year was $10,337 with a population standard deviation of $1560. A survey for the next school year of 150 randomly selected students resulted in a sample mean of $10, 798. Find the 95% confidence level? Should the null hypothesis be rejected? please write in the computer.

The country of Dystopia is composed of 500 workers and 100 managers Workers earn $100 and...

The country of Dystopia is composed of 500 workers and 100 managers Workers earn $100 and pay $10 in taxes a day. Managers earn $1,000 a day in salary, bonuses and performance pay. They also own investments that accrue around $300 a day in dividends, interests and capital gains. Managers also pay around $200 a day in taxes. Dystopia provides free health care and housing to all its residents, of $40/day in value Part a) Calculate the net national income...

Waiters at a restaurant chain earn an average of $256 per shift (regular pay + tips)...

Waiters at a restaurant chain earn an average of $256 per shift (regular pay + tips) with a standard deviation of $35. For random samples of 36 shifts at the restaurant, within what range of dollar values will their sample mean earnings fall, with 98% probability? Range: ? to ?

Waiters at a restaurant chain earn an average of $249 per shift (regular pay + tips)...

Waiters at a restaurant chain earn an average of $249 per shift (regular pay + tips) with a standard deviation of $39. For random samples of 36 shifts at the restaurant, within what range of dollar values will their sample mean earnings fall, with 95% probability? Standard Normal Distribution Table Range: to Round to the nearest cent

Diesel: At an activity volume of 60,000 units per year, the unit cost of production of...

Diesel: At an activity volume of 60,000 units per year, the unit cost of production of this part is calculated as follows: By Unit Total Raw Materials $4 Direct Labor $2.75 Variable indirect manufacturing costs $0.50 Specific manufacturing indirect costs $3 $180000 Common fixed manufacturing indirect costs $2.25 $135000 Unit cost for product $12.50 An outside supplier offered to sell Carthage Inc. this electrical component at only $ 10 per unit. One-third of the specific fixed manufacturing overhead is made...

(a) Magnus, a lawyer working for a large firm and earning $60,000 per year is contemplating...

(a) Magnus, a lawyer working for a large firm and earning $60,000 per year is contemplating setting up his own law practice. He estimates that renting an office would cost $10,000 per year, hiring a legal secretary would cost $20,000 per year, renting the required office equipment would cost $15,000 per year and purchasing the required supplies, paying for electricity, telephone and so forth would cost another $5,000. Magnus estimated that his total revenues for the year would be $100,000...

Over the next three years, a firm is expected to earn economic profits of $60,000 in...

Over the next three years, a firm is expected to earn economic profits of $60,000 in the first year, $50,000 in the second year, and $20,000 in the third year. After the end of the third year, the firm will go out of business. a. If the risk-adjusted discount rate is 6 percent for each of the next three years, the value of the firm is $________. The firm can be sold today for a price of $________. b. If...

Subjects