Question 2. You can choose Minitab, Excel or SPSS for your calculations. The net

Question

Question 2. You can choose Minitab, Excel or SPSS for your calculations.

The net worth of families in New Brunswick in thousand dollars has a mean of 220 with a standard deviation of 40. A sample of families in New Brunswick is interviewed and the sample mean net worth is computed.
a) What would you expect the shape of the distribution of the net worth of families in New Brunswick to look like?
b) Assuming a large enough sample size, what would you expect the shape of the sampling distribution for the sample mean to look like?
c) What would be the mean of this sampling distribution?

d) If the sample size is 50, what would be the standard deviation of this sampling distribution?

e) If the sample size is 100, what would be the standard deviation of this sampling distribution?

Explanation / Answer

a) as we do not know population std deviationa nd aboit sample size we can not tell abt sahpe of distribution

b) as sample size is large from central limit theorum ; the shpae will be approximately nornal

c) mean =220

d)std deviation of mean =std deviaiton/(n)1/2 =5.657

e)std deviation of mean =std deviaiton/(n)1/2 =4

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