1. If we select a random sample of 50 households, what is the standard error of the mean?
2. What is the expected shape of the distribution of the sample mean?
3. What is the likelihood of selecting a sample with a mean of at least $112,000?
4. What is the likelihood of selecting a sample with a mean of more than $100,000?
5. Find the likelihood of selecting a sample with a mean of more than $100,000 but less than $112,000.
A state meat inspector in Iowa has been given the assignment of estimating the mean net weight of packages of ground chuck labeled "3 pounds." Of course, he realizes that the weights cannot be precisely 3 pounds. A sample of 36 packages reveals the mean weight to be 3.01 pounds, with a standard deviation of 0.03 pounds.
1. What is the estimated population mean?
2. Determine a 95 percent confidence interval for the population mean.