Suppose that James is an economist who collects a simple random sample of the total taxable earnings of workers in 50 American counties during the third quarter of 2016. According to the QCEW, the true population mean and standard deviation of taxable earnings, in millions of dollars, by county are ?=28.29 and ?=33.493, respectively Let ? be the total taxable earnings, in millions, of all wage earners in a county. The mean total taxable earnings of all wage earners in a county across all the counties in James' sample is

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
icon
Related questions
Question

Suppose that James is an economist who collects a simple random sample of the total taxable earnings of workers in 50 American counties during the third quarter of 2016. According to the QCEW, the true population mean and standard deviation of taxable earnings, in millions of dollars, by county are ?=28.29 and ?=33.493, respectively

Let ? be the total taxable earnings, in millions, of all wage earners in a county. The mean total taxable earnings of all wage earners in a county across all the counties in James' sample is ?⎯⎯⎯.

Use the central limit theorem (CLT) to determine the probability ? that the mean taxable wages in James' sample of 50 counties will be less than $26 million. Report your answer to four decimal places

Use the CLT again to determine the probability that the mean taxable wages in James' sample of 50 counties will be greater than $24 million. Report your answer to four decimal places.

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill