Chapter 7: Q.7.28 (page 300)
Does the sample size have an effect on the mean of all possible sample mean? Explain your answer.
Short Answer
No, sample size does not have an effect on the mean of all possible sample mean .
Chapter 7: Q.7.28 (page 300)
Does the sample size have an effect on the mean of all possible sample mean? Explain your answer.
No, sample size does not have an effect on the mean of all possible sample mean .
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Get started for freeRefer to Exercise 7.9 on page 295.
a. Use your answers from Exercise 7.9(b) to determine the mean, , of the variable for each of the possible sample sizes.
b. For each of the possible sample sizes, determine the mean, , of the variable , using only your answer from Exercise 7.9(a).
Loan Amounts. B. Ciochetti et al. studied mortgage loans in the article "A Proportional Hazards Model of Commercial Mortgage Default with Originator Bias" (Joumal of Real Exfate and Economics, Vol, 27. No. 1. pp. 5-23). According to the article, the loan amounts of loans originated by a large insurance-company lender have a mean of million with a standard deviation of million. The variable "loan amount" is known to have a right-skewed distribution.
a. Using units of millions of dollars, determine the sampling distribution of the sample mean for samples of size . Interpret your result.
b. Repeat part (a) for samples of size
c. Why can you still answer parts (a) and (b) when the distribution of loan amounts is not normal, but rather right skewed?
d. What is the probability that the sampling error made in estimating the population mean loan amount by the mean loan amount of a simple random sample of loans will be at most million?
e. Repeat part (d) for samples of size
America's Riches. Each year, forbes magazine publishes a list of the richest people in the United States. As of September l6, 2013, the six richest Americans and their wealth (to the neatest billion dollars) are as shown in the following table. Consider these six people a population of interest.
(a) For sample size of construct a table similar to table 7.2 on page293.(There are 15 possible sample of size
(b) For a random sample of size determine the probability that themean wealth of the two people obtained will be within (i.e,billion) of the population mean. interpret your result in terms of percentages.
Nurses and Hospital Stays. In the article "A Multifactorial Intervention Program Reduces the Duration of Delirium. Length of Hospitalization, and Mortality in Delirious Patients (Journal of the American Geriatrics Society, Vol. 53. No. 4. pp. 622-628), M. Lundstrom et al. investigated whether education programs for nurses improve the outcomes for their older patients. The standard deviation of the lengths of hospital stay on the intervention ward is days.
a. For the variable "length of hospital stay," determine the sampling distribution of the sample mean for samples of patients on the intervention ward.
b. The distribution of the length of hospital stay is right-skewed. Does this invalidate your result in part (a)? Explain your answer.
c. Obtain the probability that the sampling error made in estimating the population means length of stay on the intervention ward by the mean length of stay of a sample of patients will be at most days.
Baby Weight. The paper "Are Babies Normal?" by T. Clemons and M. Pagano (The American Statistician, Vol. 53, No, 4. pp. 298-302) focused on birth weights of babies. According to the article, the mean birth weight is 3369 grams (7 pounds, 6.5 ounces) with a standard deviation of 581 grams.
a. Identify the population and variable.
b. For samples of size 200, find the mean and standard deviation of all possible sample mean weights.
c. Repeat part (b) for samples of size 400.
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