Probability of random samples

Reference no: EM13101456

According to the U.S. Census Bureau, the mean household income in the United States in 2000 was $57,045 and the median household income was $42,148. The variability of household income is quite large, with the 10th percentile approximately equal to $111,600, and an overall standard deviation of approximately $25,000. Suppose random samples of 225 households were selected.
a) What proportion of the sample means would be below $55,000?

b) If random samples of size 20 were selected, can you use the methods discussed in this chapter to calculate the probabilities requested in (a)-(c)? Explain.

Reference no: EM13101456

Questions Cloud

How long does the package take to reach the ground : A hot-air balloon is ascending at the rate of 14 m/s and is 57 m above the ground when a package is dropped over the side. (a) How long does the package take to reach the ground? (b) With what speed does it hit the ground?

Find a relation between the variables : Find a relation between the variables that would guarantee that the block is initially slowing down.

What arguments would you advance to encourage the firm : What argument (s) would you advance to encourage the firm to adopt your recommendations?

Question on binomial probability formula : The probability that a business owner will go bankrupt in it first year is .34. For 25 like businesses, find the probability first by using the binomial probability formula, and then by using the normal approximation.

Probability of random samples : According to the U.S. Census Bureau, the mean household income in the United States in 2000 was $57,045 and the median household income was $42,148.

Probability that trainee class consist entirely of men-women : What is the probability that the trainee class will consist entirely of men or women? Round your answer to the nearest thousandth.

What will be the company ending cash balance : Assuming that Big Bob borrows to meet short term cash needs, illustrate what will be the company's ending cash balance after financing at the end of June?

Diversey paint as well as supply a chain : The advertising director for Diversey Paint as well as Supply a chain of four retail stores on Chicago's North Side is considering two media possibilities.

Calculate concentration of naclo solution : Calculate concentration of NaClO solution from that equation and calculate How many grams of this nuclide in a sample of 4.00 g will remain after 112 years?

User Account

All Pages