Question

United States has about 2 million of farm. Data from USDA indicates that 60% of farms earn a gross cash farm income less than $10,000 per year. The population proportion with annual gross cash farm income less than $10,000 is p = .6 and a sample of 800 farms will be selected from the population. a. Show the sampling distribution of 𝒑̅, the sample proportion of farms earning a gross cash farm income less than $10,000 per year. b. What is the probability that the sample proportion will be within ± .0262 of the population proportion? c. Answer part (b) for a sample of 1,600 households. Questions on Sampling 4. A random sample of 100 credit sales in a department store showed an average sale of $120.00. From past data, it is known that the standard deviation of the population is $40. a. Determine the standard error of the mean. b. With a .95 probability, determine the margin of error. c. What is the 95% confidence interval of the population mean?

          United States has about 2 million of farm. Data from USDA indicates that 60% of
farms earn a gross cash farm income less than $10,000 per year. The population
proportion with annual gross cash farm income less than $10,000 is p = .6 and a
sample of 800 farms will be selected from the population.
a. Show the sampling distribution of 𝒑̅, the sample proportion of farms earning
a gross cash farm income less than $10,000 per year.
b. What is the probability that the sample proportion will be within ± .0262 of
the population proportion?
c. Answer part (b) for a sample of 1,600 households.
Questions on Sampling
4. A random sample of 100 credit sales in a department store showed an average sale of $120.00.
From past data, it is known that the standard deviation of the population is $40.
a. Determine the standard error of the mean.
b. With a .95 probability, determine the margin of error.
c. What is the 95% confidence interval of the population mean?

Added by Katie P.

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