Probability of population average

Reference no: EM1394081

People in a large population average 60 inches tall. You take a random sample and will be given a dollar for each person in your sample who is over 65 inches tall. For example if you sample 100 people and 20 turn out to be over 65 inches tall, you get $20. Which is better: a sample of size 100 or a sample of size 1,000? Choose one and explain. Does the law of averages relate to the answer you give?

Reference no: EM1394081

Questions Cloud

Illustrate what could you do to address this difficulty : It is by no means a stretch to say we live in a very diverse country. There are countless different traditions also sub-traditions ranging from the "baby boomers" to the "differently able" to the GLBT community among many others.

Scatter diagram for best small companies : A recent article in Business Week listed the "Best Small Companies." We are interested in the current results of the companies' sales and earnings.

Regulating the lac operon : What would happen if the I gene was moved to a different location in the genome? What would happen if the lac promoter was moved to a different location?

Wendall company specializes in producing fashion outfits : the inventories in the warehouse and the factory were completely destroyed as was the general office nearby, Wendall company specializes in producing fashion outfits

Probability of population average : People in a large population average 60 inches tall. You take a random sample and will be given a dollar for each person in your sample who is over 65 inches tall.

Discusses explain how an emphasis on social networking : Discusses explain how an emphasis on social networking puts younger people at a face-to-face disadvantage. Is Generation Y well equipped to negotiate cross-culturally also interpret the "silent languages".

Develop policy position on price floors : While referring to the "EYE on YOUR LIFE" section on page 183 of the textbook, apply this concept to your life. Develop your own policy position on price floors and price ceilings.

Descriptive statistics and z-scores : Senator Hayes is considering a a run for the U.S. presidency, but she is only 35 years of age, which is the minimum required age. While investigating this issue, she finds the ages of past presidents when they were inaugurated

Why should a firm invest its idle cash : Why should a firm invest its idle cash? How to invest the idle cash and what's credit management? What's the optimal credit policy?

User Account

All Pages