close solutoin list

After deducting grants based on need, the average cost to attend the University of Southern California (USC) is $27,175 ( U.S. News & World Report, America’s Best Colleges, 2009 ed.). Assume the population standard deviation is $7400. Suppose that a random sample of 60 USC students will be taken from this population. a. What is the value of the standard error of the mean? b. What is the probability that the sample mean will be more than $27,175? c. What is the probability that the sample mean will be within $1000 of the population mean? d. How would the probability in part (c) change if the sample size were increased to 100?

BuyFind

STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884
BuyFind

STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884

Solutions

Chapter
Section
Chapter 7, Problem 46SE
Textbook Problem

After deducting grants based on need, the average cost to attend the University of Southern California (USC) is $27,175 (U.S. News & World Report, America’s Best Colleges, 2009 ed.). Assume the population standard deviation is $7400. Suppose that a random sample of 60 USC students will be taken from this population.

  1. a. What is the value of the standard error of the mean?
  2. b. What is the probability that the sample mean will be more than $27,175?
  3. c. What is the probability that the sample mean will be within $1000 of the population mean?
  4. d. How would the probability in part (c) change if the sample size were increased to 100?

Expert Solution

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Solution

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 7 Solutions

STATISTICS F/BUSINESS+ECONOMICS-TEXT
Show all chapter solutions
Ch. 7.3 - The following data are from a simple random...Ch. 7.3 - A survey question for a sample of 150 individuals...Ch. 7.3 - A sample of 5 months of sales data provided the...Ch. 7.3 - Morningstar publishes ratings data on 1208 company...Ch. 7.3 - The National Football League (NFL) polls fans to...Ch. 7.3 - A sample of 426 U.S. adults age 50 and older were...Ch. 7.3 - One of the questions in the Pew Internet American...Ch. 7.5 - A population has a mean of 200 and a standard...Ch. 7.5 - A population has a mean of 200 and a standard...Ch. 7.5 - Assume the population standard deviation is = 25....Ch. 7.5 - Suppose a random sample of size 50 is selected...Ch. 7.5 - Refer to the EAI sampling problem. Suppose a...Ch. 7.5 - In the EAI sampling problem (see Figure 7.5), we...Ch. 7.5 - Barrons reported that the average number of weeks...Ch. 7.5 - The College Board reported the following mean...Ch. 7.5 - For the year 2010, 33% of taxpayers with adjusted...Ch. 7.5 - The Economic Policy Institute periodically issues...Ch. 7.5 - The state of California has a mean annual rainfall...Ch. 7.5 - The mean preparation fee HR Block charged retail...Ch. 7.5 - To estimate the mean age for a population of 4000...Ch. 7.6 - A sample of size 100 is selected from a population...Ch. 7.6 - A population proportion is .40. A sample of size...Ch. 7.6 - Assume that the population proportion is .55....Ch. 7.6 - The population proportion is .30. What is the...Ch. 7.6 - The president of Doerman Distributors, Inc.,...Ch. 7.6 - The Wall Street Journal reported that the age at...Ch. 7.6 - People end up tossing 12% of what they buy at the...Ch. 7.6 - Forty-two percent of primary care doctors think...Ch. 7.6 - In 2008 the Better Business Bureau settled 75% of...Ch. 7.6 - The Grocery Manufacturers of America reported that...Ch. 7.6 - The Food Marketing Institute shows that 17% of...Ch. 7 - Jack Lawler, a financial analyst, wants to prepare...Ch. 7 - The latest available data showed health...Ch. 7 - Foot Locker uses sales per square foot as a...Ch. 7 - Allegiant Airlines charges a mean base fare of 89....Ch. 7 - After deducting grants based on need, the average...Ch. 7 - Three firms carry inventories that differ in size....Ch. 7 - A researcher reports survey results by stating...Ch. 7 - A production process is checked periodically by a...Ch. 7 - Fifteen percent of Australians smoke. By...Ch. 7 - A market research firm conducts telephone surveys...Ch. 7 - Advertisers contract with Internet service...Ch. 7 - The proportion of individuals insured by the...Ch. 7 - Lori Jeffrey is a successful sales representative...Ch. 7 - Managerial Report Prepare a managerial report that...

Additional Math Textbook Solutions

Find more solutions based on key concepts
Show solutions
What does cross-referencing mean in the posting process?

College Accounting (Book Only): A Career Approach

What is the purpose of endorsing a check?

College Accounting (Book Only): A Career Approach

Where is the information obtained that is needed in journalizing the closing entries?

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

If investors aversion to risk increased, would the risk premium on a high-beta stock increase by more or less t...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

Solve each equation and check: 2x3=326

Elementary Technical Mathematics

Corporate Fraud The number of corporate fraud cases pending stood at 545 at the beginning of 2008 (t = 0) and w...

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

3.4 SKILL BUILDING EXERCISES Getting Regression Lines Only Find the equation of the regression line for the fol...

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

Sometimes, Always, or Never: The value of x2 in Newtons Method will be a closer approximation to the root than ...

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

Prove: If ab=cd where a, b, c and d are nonzero, then ac=bd.

Elementary Geometry For College Students, 7e

36. According to statistics reported on CNBC, a surprising number of motor vehicles are not covered by insuranc...

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)

In Problems 3134 find an explicit solution of the given initial-value problem. Determine the exact interval I o...

A First Course in Differential Equations with Modeling Applications (MindTap Course List)