Show the sampling distribution of mean amount of medicare

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Reference no: EM131456355

Question: Americans have become increasingly concerned about the rising cost of Medicare. In 1990, the average annual Medicare spending per enrollee was 53267; in 2003, the average annual Medicare spending per enrollee was 56883 (Money. Fall 2003). Suppose you hired a consulting Finn to take a sample of fifty 2003 Medicare enrollees to further investigate the nature of expenditures. Assume the population standard deviation for 2003 was $2000.

a. Show the sampling distribution of the mean amount of Medicare spending fa a sample of fifty 2003 enrollees.

b. What is the probability dot the sample mean will be within ±$300 of the population mean?

c. What is the probability that the sample mean will be greater than $7500? if the consulting firm tells you the sample mean for the Medicare enrollees it interviewed was $7500, would you question whether the firm followed correct simple random sampling procedures? Why a why not?

Reference no: EM131456355

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