Mathematics, 14.02.2020 22:30 step35
Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $110,000. This distribution follows the normal distribution with a standard deviation of $40,000. a. If we select a random sample of 50 households, what is the standard error of the mean? b. What is the expected shape of the distribution of the sample mean? c. What is the likelihood of selecting a sample with a mean of at least $112,000? d. What is the likelihood of selecting a sample with a mean of more than $100,000? e. Find the likelihood of selecting a sample with a mean of more than $100,000 but less than $112,000
Answers: 1
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1. why is a frequency distribution useful? it allows researchers to see the "shape" of the data. it tells researchers how often the mean occurs in a set of data. it can visually identify the mean. it ignores outliers. 2. the is defined by its mean and standard deviation alone. normal distribution frequency distribution median distribution marginal distribution 3. approximately % of the data in a given sample falls within three standard deviations of the mean if it is normally distributed. 95 68 34 99 4. a data set is said to be if the mean of the data is greater than the median of the data. normally distributed frequency distributed right-skewed left-skewed
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Information from the American Institute of Insurance indicates the mean amount of life insurance per...
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