Statistics 260 question: please please help

Jun 22nd, 2014
RockCafe
Category:
Statistics
Price: $10 USD

Question description

The significant decline of savings in the United States from the 1970s and 1980s to the 1990s and 2000s has been widely discussed by economists.  According to the Bureau of Economic Analysis, the savings rate of American households, defined as a percentage of the disposable personal income, was 4.20% in 2009.  The reported savings rate is not uniform across the country.  A public policy institute conducts two of its own surveys to compute the savings rate in the Midwest.  In the first survey, a sample of 160 households is taken and the average savings rate is found to be 4.48%.  Another sample of 40 households finds an average savings rate of 4.60%.  Assume that the population standard deviation is 1.4%.

1. Compute the probability of obtaining a sample mean that is at least as high as the one computed in each of the two surveys.

2. Use these probabilities to decide which of the two samples is likely to be more representative of the United States as a whole.


Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Rice University
PREMIUM TUTOR

Studypool has helped 1,244,100 students

3 Reviews


Summary
Quality
Communication
On Time
Value
BlueOcean
Nov 17th, 2016
" Awesome! Exactly what I wanted. "
ashleyisgod
Oct 25th, 2016
" Top quality work from this guy! I'll be back! "
Molly_Moon
Oct 3rd, 2016
" AMAZING as always! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1828 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors