Jolynn - Week 2 Individual Assignment

Jolynn - Week 2 Individual Assignment - Jolynn Weeks Week 2...

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Jolynn Weeks - Week 2 Assignment Exercise 21 What is sampling error? Could the value of the sampling error be zero? If it were zero, what would A sampling error is the difference beterrn the sample from a statistical estimated and the true popu The sampling error of zero does not happen often, but it is possible. When the sampling error is ze the population that is being sampled is the same, or uniform. Exercise 22 List the reasons for sampling. Give an example of each reason for sampling. 1. Time - it's not possible to sample the entire population, but sampling small groups is quicker 2. Accuruacy - large samples to not garuntee accruacy. 3. Cost - it is not as finacially burdonsome to survey a smaller group. Exercise 34 Information from the American Institute of Insurance indicates the mean amount of life insurance p in the United States is $110,000. This distribution follows the normal distribution with a standard de 1. If we select a random sample of 50 households, what is the standard error of the mean? SE = sd/sqrt(N) 5656.85 2. What is the expected shape of the distribution of the sample mean? It will have a normal distribution. 3. What is the likelihood of selecting a sample with a mean of at least $112,000? z = (112000-110000)/5656.85 z = 0.353553 prob(z > 0.353553) 0.36 0.36 ***Formulated in excel 4. What is the likelihood of selecting a sample with a mean of more than $100,000?
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Jolynn - Week 2 Individual Assignment - Jolynn Weeks Week 2...

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