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 $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 the desired margin of error is $200?

C. How large a sample should be taken if the desired margin of error is $100?

D. Would you recommend trying to obtain the $100 margin of error? Explain.

Solutions

Expert Solution

Solution :

Given that,

Population standard deviation = = 59800 - 42000 / 4 = 4450

A) Margin of error = E = 600

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 *4450 / 600]2

n = 211.31

Sample size = n = 212

B) Margin of error = E = 200

sample size = n = [Z/2* / E] 2

n = [1.96 *4450 / 200]2

n = 1901.83

Sample size = n = 1902

C) Margin of error = E = 100

sample size = n = [Z/2* / E] 2

n = [1.96 *4450 / 100]2

n = 7607.32

Sample size = n = 7608

D) No, the sample size would probably be too time consuming and costly.


Related 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 $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. _________
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 $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
ADVERTISEMENT