The Economic Policy Institute periodically issues reports on wages of entry level workers. The institute reported that entry level wages for male university graduates were $21.68 per hour and for female university 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. a) What is the probability that a sample of 50 male graduates will provide a sample mean within $0.50 of the population mean, $21.68? b) What is the probability that a sample of 50 female graduates will provide a sample mean within $0.50 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 $0.50 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?
The Economic Policy Institute periodically issues reports on wages of entry level workers. The institute reported that entry level wages for male university graduates were $21.68 per hour and for female university 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.
a) What is the
b) What is the probability that a sample of 50 female graduates will provide a sample mean within $0.50 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 $0.50 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?
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