Business Major Essay

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7.11 Suppose that we will randomly select a sample of 64 measurements from a population having a mean equal to 20 and a standard deviation equal to 4. A. Describe the shape of the sampling distribution of the sample mean x. Do we need to make any assumptions about the shape of the population? B. Find the mean and the standard deviation of the sampling distribution of the sample mean x C. Calculate the probability that we will obtain a sample mean greater than 21; that is, calculate P(x > 21). D. Calculate the probability that we will obtain a sample mean less than 19.385; that is, calculate P(x < 19.385) 7.30 On February 8, 2002, the Gallup Organization released the results of a poll concerning Americans attitudes toward the 19th Winter Olympic Games in Salt Lake City, Utah, The poll results were based on telephone interviews with a randomly selected national sample of 1,011 adults, 18 years and older, conducted February 4-6, 2002 A. Suppose we wish to use the poll’s results to justify the claim that more than 30 percent of American (18 years or older) say that figure skating is their favorite winter Olympic event. The poll actually found that 32 percent of respondent reported that figure skating was their favorite event. If, for the sake of argument, we assume that 30 percent of Americans (18 years or older) say figure skating is their favorite event (that is, p = .3), calculate the probability of observing a sample proportion of .32 or more; that, calculate P (p > .32) B. Based on the probability you computed in part a, would you conclude that more than 30 percent of Americans (18 years or older) say that figure skating is their favorite Winter Olympic events? 8.8 THE BANK CUSTOMER WAITING TIME CASE Recall that bank manager has developed a new system to reduce the time customers spend waiting to be served by teller during peak business hours. The
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