Standard deviation of the sampling distribution

Assignment Help Business Economics
Reference no: EM131094407

1. The scores of students on the ACT college entrance examination in a recent year had a normal distribution with a mean of 18.6 and a standard deviation of 5.9. A simple random sample of 60 students who took the the exam is selected for study.

A) What are the shape, mean(expected value), and standard deviation of the sampling distribution of the sample mean for samples of size 60?

B) What is the probability that the sample mean score will be 20 or higher?

C) What is the probability that the sample mean score will be between 18 and 20?

D) What is the probability that the sample mean score falls within 2 points of the population mean score?

E) What value does the sample mean score have to be in order for it to be in the top 5% of the sampling distribution?

2. Last year, a national opinion poll found that 43% of all Americans agree that parents should be given vouchers good for education at any public or private school of their choice. Assume that in fact the population proportion is 0.43. This year, a random sample of 350 is to be selected and asked the same question.

A) What are the shape, mean(expected value), and standard deviation of the sampling distribution of the sample proportion for samples of 350?

B) What is the probability that the sample proportion will fall within 0.03 of the population proportion?

3. Redo part B) of problem #2, but assume that the sample size is 700. By how much does your answer change and WHY?

Reference no: EM131094407

Questions Cloud

Who has the comparative advantage in ironing : John takes 10 minutes to iron a shirt and 20 minutes to type a paper. Harry takes 10 minutes to iron a shirt and 30 minutes to type a paper. Who has the comparative advantage in ironing? What is the opportunity cost of Jon ironing a shirt? What is th..
The concept of mutually assured destruction : The concept of Mutually Assured Destruction (MAD) is cited by many scholars as the mechanism that kept the peace during the Cold War. However, that does not mean the concept was not problematic. Was the United States government actually protecting it..
Explain the complexity gap : Explain the “Complexity Gap” that Corporate CEO’s complain about and how Marketers can eliminate or mitigate much of the uncertainty of determining consumer behavior.
Equilibrium output-price level-consumption and investment : Consider a closed economy. Assume that goods prices are fixed in the short-run and that firms produce whatever they need to meet demand. Assume that money demand is negatively related to the nominal interest rate and positively related to the level o..
Standard deviation of the sampling distribution : The scores of students on the ACT college entrance examination in a recent year had a normal distribution with a mean of 18.6 and a standard deviation of 5.9. A simple random sample of 60 students who took the the exam is selected for study. What are..
About undertaking cancer preventing activities : A researcher has collected information from mailing 300 randomly selected individuals in the Lubbock community about their attitudes about undertaking cancer preventing activities including using sunscreen, reducing weight and tobacco usage. (a) What..
Transactions and market exchange : User charges link funds produced to particular public services- individuals pay only for the services they actually use. Why doesn't all government funding come from such free will transactions and market exchange?
Trace the development of the labor theory of value : Trace the development of the labor theory of value from Adam Smith through David Ricardo to Karl Marx. What was the major contribution of each of the three economists to the development of the labor theory of value? What were the principles problems ..
Theory on several grounds : Henry Carey sharply criticized Ricardo and Malthus’s theory on several grounds. Summarize these differences. Explain how differing conditions between the United States and Europe influenced these differences.?

Reviews

Write a Review

Business Economics Questions & Answers

  What has been happening in florida in general

What has been happening in Florida in general in terms of unemployment over this time period. What about for GDP.

  Using the money market and bond market analysis

Using the money market and bond market analysis explain how the Federal reserve could lower the interest rates by buying government bonds from the banking sector of the U.S. economy ( should included two graphs and an explanation)

  Growth rate of the gdp

Illustrate what was the growth rate of the GDP deflator between 1999 and 2000.

  According to the life-cycle theory of consumption

On October 19, 1987, the Dow Jones industrial average dropped about 500 points or a little more than 23%. What effect should a decline in stock values of this magnitude have had on aggregate demand according to the life-cycle theory of consumption?

  Governments use to sell mineral rights to the private sector

There are two general methods that governments use to sell mineral rights to the private sector. One is production royalties where the private firm promises to pay a certain amount (or percentage of revenue) each year for the length of contract.

  Under what conditions will a free market meet these goals

Welfare Economics: main economic goals of a political-economic system are to promote efficiency (static and dynamic), equity, and macroeconomic stability. Under what conditions will a free market meet these goals? Identify a violation of these condit..

  Homeowner can afford to spend for geothermal heat pump

A geothermal heat pum can save up to 84% of the annual heating and cooling bills of a certain home in the norotheaster US. In this region, the yearly cost of conventionally heating and cooling a 2,000 square foot house is about $2,900. The maximum am..

  Produce the entire good or services by themselves

List the three reasons Adam Smith offered for reason how a group of workers, each specialized in certain tasks, produce so much more than the same number of workers who try to produce the entire good or services by themselves?

  How the forecaster has performed

Mom belongs to a dealer's association and the members have kept careful records of how the forecaster has performed - Once she gets the forecast she can proceed with her decision as place a big order or a small order.

  Calculate anthony his explicit cost

Calculate Anthony his explicit cost for operating his consulting firm for a year?

  Demand in megawatts that will maximize the total revenue

An electric utility uses natural gas as fuel for a large multi-unit power plant. With all units in-service, for a given hour the plant's fixed cost is $120,000 and its variable cost is $50 per megawatt demanded. What is the hourly demand in megawatts..

  About rising gasoline prices

Some finance experts advise consumers not to worry about rising gasoline prices, the cost of which can easily be covered by forgoing one takeout meal a month, but to worry about how high energy prices will affect the rest of the economy. For example,..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd