Advantage of larger sample size to estimate population mean

Reference no: EM13115958

The mean annual cost of auto insurance is $939. Assume that the standard deviation is $245.

a.) What is the probability that a simple random sample of auto insurance policies will have a sample mean within $25 of the population mean for each of the following sample sizes: 30, 50, 100, and 400

b.) What is the advantage of larger sample size when attempting to estimate the population mean?

Reference no: EM13115958

Questions Cloud

Use the knowledge of immunology : You had your flu shot but still got the flu. Use the knowledge of immunology to provide two explanations for this development.

Estimate the mass in grams of pottasium chloride : Some KCl is dissolved in water at 25 degree Celsius, where it completely dissociates. The vapor pressure of pure water at 25 degree celsius is 28.3 mmHg.

How would stomata cause photorespiration in c3 plants : How would stomata cause photorespiration in C3 plants? And why are C4 plants protected/ immune to photorespiration?

Effect of business transaction on accounting equation : For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:

Advantage of larger sample size to estimate population mean : What is the probability that a simple random sample of auto insurance policies will have a sample mean within $25 of the population mean for each of the following sample sizes: 30, 50, 100, and 400.

Adjusted balance of gleason advertising company : Prepare the adjusting entry at December 31, and using T accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.

What is a plate count : what is a plate count and why would it be used instead of direct microscopic counts or turbidity measurements?

Adjusting entry for depreciation : Prepare the adjusting entry for depreciation at December 31, post the adjustments to T accounts, and indicate the balance sheet presentation of the equipment at December 31.

Why do you suppose it took so long for ethologists : Imagine that adults in some population of monkeys appeared to pick up new innovations (for example, potato washing, stone play) from observing others. How might you disentangle vertical, horizontal, and oblique cultural transmission as possible ex..

User Account

All Pages