How many of these data sets would be expected

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Reference no: EM13155049

Simulated data is frequently used in economic research. An example of how a simulated data set may be constructed is through using a random number generator. Consider when random numbers between 0 and 1 are generated, with each generated number having four decimal places. Now decide that a sample of 10,000 randomly generated numbers is to be selected. These 10,000 numbers will form what is called a data set.

If the mean of distribution of the individual random numbers between 0 and 1 is 0.5 and the variance 1/12, calculate:

a) The probability that a random sample of 10,000 numbers (a data set) will have a sample mean of at least 0.499

b) Using the probability from part a, if 5,000 data sets include 10,000 random numbers, how many of these data sets would be expected to have a sample mean of at least 0.499 (calculate to the nearest whole number)?

Reference no: EM13155049

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