Determining standard error of the mean

Reference no: EM1319932

Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $110,000. This distribution is positively skewed. The standard deviation of the population is not known.

a. A random sample of 50 households revealed a mean of $112,000 and a standard deviation of $40,000. What is the standard error of the mean?

b. Suppose that you selected 50 samples of households. What is the expected shape of the distribution of the sample mean?

c. What is the likelihood of selecting a sample with a mean of at least $112,000?

d. What is the likelihood of selecting a sample with a mean of more than $100,000?

e. Find the likelihood of selecting a sample with a mean of more than $100,000 but less than $112,000.

Reference no: EM1319932

Questions Cloud

Branches of the federal government : Describe the three branches of the federal government and explain the importance of separation of powers among these branches. How does this concept of separation of powers relate to healthcare law?

Solve the problem on discrete distribution : Solve the problem on discrete distribution.

What is its vertical displacement during this time : What is the acceleration of two falling sky divers (mass 112.0 kg including parachute) while the upward force of air resistance is equal to one-fourth of their weight.

Role of department of health and human services : Provide a brief overview of the role of the Department of Health and Human Services regarding U.S. healthcare. How does DHHS interact with, and impact facilities?

Determining standard error of the mean : A random sample of 50 households revealed a mean of $112,000 and a standard deviation of $40,000. What is the standard error of the mean?

The magnitude of the force of static friction : If the spring is stretched by 1.4 times the value in part A, and then released from rest, and the coefficient of kinetic friction between the box and the plank is 0.34, what is the magnitude of the initial acceleration of block as it starts moving..

Differentiation and positioning of products : What is the relationship between differentiation and positioning of products or services? Is the repositioning of the product in the simulation as you had expected it to be? Explain why or why not.

How much work is done by the tension : A train is travelling up a 4.5 degree incline at a speed of 3.25 m/s when the last car breaks free and begins to coast without friction. a) How long does it take for the last car to come to rest momentarily? b) How far did the last car travel befo..

Coefficient of variation and standard deviation : Country A and Country C spends about the same amount on average per person per year. Which has the greater spread?

User Account

All Pages