Standard deviation of the population

Assignment Help Basic Statistics

Reference no: EM1314358

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: EM1314358

Questions Cloud

Explaining money multiplier and its impact : Write an equation that expresses the money supply multiplier (for M1) in terms of its three determinants.

Calculate the adjacent matrix and find its inverse : Calculate the adjacent matrix and find its inverse.

Computation of current yield and ytm and bond price : Computation of current yield and YTM and bond price and Assume that the yield to maturity remains constant for the next 3 years

Determine frames division''s contribution margin : Determine Frames Division's contribution margin for this product and What amount would be considered the maximum price (ceiling) in this example and what price would be the maximum price (floor)

Standard deviation of the population : This distribution is positively skewed. The standard deviation of the population is not known.

Find the immediate dilution potential : Find the immediate dilution potential for this new stock issue and Should the new issue be undertaken based on earnings per share?

Computation of value of bond : Computation of value of bond and What is the value of an individual bond from this issue to an investor who purchases the Wilson bond on the date of issue

Research question development : Develop the management-research question hierarchy that will help you to develop a specific proposal.

Evaluate the full unit product costs for widgets : Evaluate the full unit product costs for Widgets and Gadgets using the traditional costing system and Find the full unit product costs for Widgets and Gadgets using the ABC system.

User Account

All Pages