Statistics 260 question: please please help

Jun 22nd, 2014
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.
School: Rice University

Studypool has helped 1,244,100 students

Review from our student for this Answer

Jun 22nd, 2014
"Totally impressed with results!! :-)"
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1823 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