How large a sample taken not to exceed value

Assignment Help Basic Statistics
Reference no: EM13124703

Annual starting salaries for college graduates with business administration degrees are believed to have a standard deviation of approximately $2,000. Assume that a 95% confidence interval estimate of the new annual starting salary is desired. How large a sample should be taken if we do not want to exceed $500? What do you know?

 

Reference no: EM13124703

Questions Cloud

Find the mean and standard deviation of the daily sales : The probabilities .9 and .1 respectively. Give the probability distribution for daily sales. Find the mean and standard deviation of the daily sales.
Effect of the intra-entity sale : Senior sold all of these goods in 2011. How should Perez report the effect of the intra-entity sale on its 2011 income statement?
How to specific country or region of the world : Thus far in class we've talked about many interesting topics in international accounting including international accounting standards, the history of accounting, IFRS vs. US GAAP, the FASB Codification, convergence, harmonization, foreign currency..
Illustrate what is the amount of owner equity : Illustrate what is the amount of owner's equity as of July 1 of the current year?
How large a sample taken not to exceed value : Assume that a 95% confidence interval estimate of the new annual starting salary is desired. How large a sample should be taken if we do not want to exceed $500? What do you know?
How much chlorine can be produced : Balance the equation and answer in terms of moles.Chlorine gas can be produced commercially by passing an electric current through a concentrated solution of sodium chloride (brine).
Determine the gross profit rate : A company shows the following balances: sales: 800,000, sales returns and allowances: 125,000, sales discounts: 25,000, cost of goods sold: 481,000. What is the gross profit rate?
Calculate the interest revenue from this transaction : What interest rate should be used to calculate the interest revenue from this transaction for the years ended December 31, 2011 and 2012, respectively?
Why companies go to private and leveraged buyouts : List the advantages and disadvantages of Public versus Private Financing.

Reviews

Write a Review

Basic Statistics Questions & Answers

  How correlation coefficient use with nonlinear relationships

If the correlation coefficient expresses the degree of a linear relationship, why is it appropriate to use the same formula with nonlinear relationships?

  Gender selection

In a test of the MicroSort method of gender selection, 51 babies are born to couples trying to have baby boys, and 39 of those babies are boys (based on data from the Genetics & IVF Institute).

  Level of significance test- critical and p-value approaches

At the 5% level of significance test whether the bottling process is carried out accurately or whether the filling machinery needs calibration. Use both the critical and the p-value approaches.

  Explaining conclusion on population standard deviation

It is believed that population standard deviation is 15 days. If test is conducted using a 0.05 level of significance, what conclusion must be reached?

  Hypothesis testing of random variable

X is a random variable that represents ph of arterial plasma, the mean of the x distribution is 7.4. a random sample of 31 patients with arthritis took the drug for 3 months blood test

  Random one-tenth of the calls

Telephone calls arrive at a switchboard in a Poisson process at the rate of 2 per minute. A random one-tenth of the calls are long distance.

  Caculate expectations of x and y

One of 4 bus drivers is also arbitarily selected. Let Y denote number of students on his bus. Caculate expectations of X and Y: E(X)=?

  Finding standard deviation of normal distribution

A work-study engineer times a certain operation, and discovers that the average time it takes is 10 minutes, but on 15% of occasions it takes more than 13 minutes.

  Compute the least-squares regression equation

Determine which is the dependent variable Y and which is the independent variable X. Explain your reasoning. Draw a scatterplot and indicate the relationship if any. Explain. Compute the least-squares regression equation. Show major line items of you..

  Describing parametric and nonparametric tests

There are many nonparametric tests that have been developed over the years. Explain what nonparametric tests are and why they were developed.

  Question on normal distribution problem

The amounts dispensed by a cola machine follow the normal distribution with a mean of 7 ounces and a standard deviation of 0.10 ounces per cup.

  Double-negative logic of hypothesis testing

Explain the double-negative logic of hypothesis testing (eg: a scientist fails to reject the null hypothesis). What is the five-step process for hypothesis testing? Is the order important? Why or why not?

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