7. a. For a random sample of 30 test takers, the sampling distribution of 𝑥̅ for scores on the Critical Reading part of the test is normal with E ( x ) = 502 and x = / n = 100 / 30 = 18.26 .
b. For a random sample of 60 test takers, the sampling distribution of 𝑥̅ for scores on the Mathematics part of the test is normal with E ( x ) = 515 and x = / n = 100 / 60 = 12.91
c. For a random sample of 90 test takers, the sampling distribution of 𝑥̅ for scores on the Writing part of the test is normal with E ( x ) = = 494 and x = / n = 100 / 90 = 10.54 .
Because all three parts of the test have the same standard deviation, the standard error is smaller for larger sample sizes.
8. a. For a random sample of 30 taxpayers with adjusted gross incomes between $30,000 and $60,000, the sampling distribution of 𝑥̅ for itemized deductions is normal with E ( x ) = = 16,642 and x = / n = 2400 / 30 = 438.18 .
For a random sample of 50 taxpayers with adjusted gross incomes between $30,000 and $60,000, the sampling distribution of 𝑥̅ for itemized deductions is normal with E ( x ) = = 16,642 and x = / n = 2400 / 50 = 339.41 .
For a random sample of 100 taxpayers with adjusted gross incomes between $30,000 and $60,000, the sampling distribution of 𝑥̅ for itemized deductions is normal with E ( x ) = = 16,642 and x = / n = 2400 / 100 = 240 .
For a random sample of 400 taxpayers with adjusted gross incomes between $30,000 and $60,000, the sampling distribution of 𝑥̅ for itemized deductions is normal with E ( x ) = = 16,642 and x = / n = 2400 / 400 = 120 .
b. A larger sample reduces the standard error and results in a more precise estimate of the population mean.
9. a. For a random sample of 50 male college graduates, the sampling distribution of 𝑥̅ for entry level hourly wage is normal with E ( x ) = = 21.68 and x = / n = 2.30 / 50 = .3253 .
b. For a random sample of 50 female college graduates, the sampling distribution of 𝑥̅ for entry level hourly wage is normal with E ( x ) = = 18.80 and x = / n = 2.05 / 50 = .2899 .
c. The standard error is smaller for female college graduates because the standard deviation of entry level hourly wage is smaller for female graduates than it is for male graduates.
6-1 . Chapter 6
15. For the Miami data set, the output obtained using Excel’s Descriptive Statistics tool follows:
Rating
Mean 6.34 Standard Error 0.3059 Median 6.5 Mode 8 Standard Deviation 2.1629 Sample Variance 4.6780 Kurtosis –1.1806 Skewness –0.1445 Range 8 Minimum 2 Maximum 10 Sum 317 Count 50 Confidence Level (95.0%) 0.6147
The 95% confidence interval is x margin of error is 6.34 0.6147 or 5.73 to 6.95.
16. a. Using Excel, x = 9.7063 and s = 7.9805
The sample mean years to maturity is 9.7063 years with a standard deviation of 7.9805.
b. x t.025 ( s / n ) df = 39 t.025 = 2.023
9.7063 ± 2.023 (7.9805 / 40)
9.7063 ± 2.5527 or 7.1536 to 12.2590
The 95% confidence interval for the population mean years to maturity is 7.1536 to 12.2590 years.
c. Using Excel, x = 3.8854 and s = 1.6194
The sample mean yield on corporate bonds is 3.8854% with a standard deviation of 1.6194.
d. x t.025 ( s / n ) df = 39 t.025 = 2.023
3.8854 ± 2.023 (1.6194 / 40)
3.8854 ± .5180 or 3.3674 to 4.4034
The 95% confidence interval for the population mean yield is 3.3674 to 4.4034 percent.
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