Which biased estimator will have a reduced bias

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Problem 1: A bank's loan officer rates applicants for credit. The ratings are normally distributed with a mean of 200 and a standard deviation of 50. If 40 different applicants are randomly selected, find the probability that their mean is above 215.

Option 1: 0.0287

Option 2: 0.1179

Option 3: 0.3821

Option 4: 0.4713

Problem 2: Which biased estimator will have a reduced bias based on an increased sample size?

Option 1: median

Option 2: standard deviation

Option 3: range

Option 4: mean

Reference no: EM132723016

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