Business, 26.11.2020 14:00 elizabethprasad2

The lengths of service of all the executives employed by Standard Chemicals are: Name Years
Mr. Snow 20
Ms. Tolson 22
Mr. Kraft 26
Ms. Irwin 24
Mr. Jones 28

(a) Using the combination formula, how many samples of size 2 are possible?
(b) List all possible samples of 2 executives from the population and compute their means.
(c) Organize the means into a sampling distribution.
(d) Compare the population mean and the mean of the sample means.

Answers: 2

Show answers

Answers

Answer from: alyea231

Solution :

a). There are total 5 executives. Therefore the possible sample size of 2 is

$^nC_r=\frac{n!}{r!(n-r)!}$

$^5C_2=\frac{5!}{2!(5-2)!}$

$=\frac{5!}{2! \ 3!}$

= 10

So, there are 10 possible ways for selection of sample size of 2.

b).

Sample Samples of service length Sample mean

Snow, Tolson 20, 22 (20+22)/2 = 21

Snow, Kraft 20, 26 23

Snow, Irwin 20, 24 22

Snow, Jones 20, 28 24

Tolson, Kraft 22, 26 24

Tolson, Irwin 22, 24 23

Tolson, Jones 22, 28 25

Kraft, Irwin 26, 24 25

Kraft, Jones 26, 28 27

Irwin,Jones 24, 28 26

c). The mean and the standard deviation of the means of the sampling distribution is given by :

$\bar{X}= \sum_{i-1}^{10}\frac{\bar{x}_i}{n}$

$=\frac{21+23+22+24+24+23+25+25+27+26}{10}$

$=\frac{240}{10}$

= 24

The variance of the sample means :

$S^2=\frac{1}{n}\sum_{i-1}^{10}\left(\bar x_i - \bar X \right)^2$

$=\frac{1}{10}\sum_{i-1}^{10}\left(\bar x_i - 24 \right)^2$

$=\frac{1}{10}\times(30)$

= 3

Therefore the standard deviation of the sample means is

$S=\sqrt{variance}$

$=\sqrt3$

= 1.732

d). The population means is given by:

$\mu =\frac{20+22+26+24+28}{5}$

$=\frac{120}{5}$

= 24

Therefore, we can say that the mean of the sample means is a point estimate of the population mean.

Answer from: Quest

(75years ,i believe is the correct answer.good luck

Answer from: Quest

odd consecutive integers are odd integers that follow each other. they have a difference of 2 between every two numbers. if n is an odd integer, then n, n+2, n+4 and n+6 will be odd consecutive integers. the first number in the pattern is always the variable on its own or in this case, "n". examples.

Another question on Business

Business, 21.06.2019 16:30

Which economic system could be characterized by the "iron fist", meaning a central authority figure has control over most of the economy? market economy command economy traditional economy free enterprise economy

Answers: 3

Answer

Business, 21.06.2019 17:40

Steffi is reviewing various licenses and their uses. match the licenses to their respective uses.

Answers: 3

Answer

Business, 22.06.2019 11:30

You've arrived at the pecan shellers conference—your first networking opportunity. naturally, you're feeling nervous, but to avoid seeming insecure or uncertain, you've decided to a. speak a little louder than you would normally. b. talk on your cell phone as you walk around. c. hold an empowered image of yourself in your mind. d. square your shoulders before entering the room.

Answers: 2

Answer

Business, 22.06.2019 14:30

Amethod of allocating merchandise cost that assumes the first merchandise bought was the first merchandise sold is called the a. last-in, first-out method. b. first-in, first-out method. c. specific identification method. d. average cost method.

Answers: 3

Answer

You know the right answer?

The lengths of service of all the executives employed by Standard Chemicals are: Name Years
M...

Questions