M5 Problem Set

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Portage Learning *

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110

Subject

Economics

Date

Jan 9, 2024

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docx

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6

Uploaded by ProfessorPonyMaster1003

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M5: Problem Set Question 1 Suppose that you are attempting to estimate the weight of 600 parts. In order to use the infinite standard deviation formula, what sample size, n, should you use? Question 2 Suppose that you take a sample of size 15 from a population that is known to be normally distributed. Can the sampling distribution of be approximated by a normal probability distribution?
Question 3 Suppose that you take a sample of size 20 from a population that is not normally distributed. Can the sampling distribution of be approximated by a normal probability distribution?
Question 4 Suppose a pharmaceutical company wants to do a study of the commissions of its sales force. Let's assume that there are 4,300 sales people and the population mean for the sales force is $52,400 in commissions and has a population standard deviation of $3,500. What is the probability that a simple random sample of 50 members of the sales force will have commissions within $400 of the population mean?
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