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Statistical Inference Assignment Guide

This document contains 4 questions regarding statistical inference concepts. Question 1 asks about reducing the standard error of a sample by increasing its size. Question 2 asks about drawing all possible samples without replacement from a population and proving properties of the sample mean and variance. Question 3 provides information about loan amounts and asks about the sampling distribution of the mean and probability of sampling error. Question 4 provides information about length of employment and asks similar questions as Question 3.

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muhammad saad ARIF
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45 views1 page

Statistical Inference Assignment Guide

This document contains 4 questions regarding statistical inference concepts. Question 1 asks about reducing the standard error of a sample by increasing its size. Question 2 asks about drawing all possible samples without replacement from a population and proving properties of the sample mean and variance. Question 3 provides information about loan amounts and asks about the sampling distribution of the mean and probability of sampling error. Question 4 provides information about length of employment and asks similar questions as Question 3.

Uploaded by

muhammad saad ARIF
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Assignment 3

Statistical Inference
Q1: If the size of a sample (n), is 36 and the standard error of the mean is 2, what should be
the size of the sample if the standard error is to be reduced to 1.2?

Q2: Suppose we have a population: 6,7,8, 9 and 15. Draw all possible samples of size three
without replacement. Prove that

A. μ=x
σ2 N - n
B. var( x ) = n ×N - 1

Q3: According to the article, the loan amounts of loans originated by a large insurance
company lender have a mean of $6.74 million with a standard deviation of $15.37
million. The variable “loan amount” is known to have a right-skewed distribution.
a. Using units of millions of dollars, determine the sampling distribution of the sample
mean for samples of size 200. Interpret your result.
b. What is the probability that the sampling error made in estimating the population
mean loan amount by the mean loan amount of a simple random sample of 200 loans
will be at most $1 million?

Q4 According to the article, the standard deviation of the length of time that women with one
: job are employed during the first 8 years of their career is 92 weeks. Length of time
employed during the first 8 years of career is a left-skewed variable. For that variable, do
the following tasks.
a. Determine the sampling distribution of the sample mean for simple random samples of
50 women with one job. Explain your reasoning.
b. Obtain the probability that the sampling error made in estimating the mean length of
time employed by all women with one job by that of a random sample of 50 such
women will be at most 20 weeks.

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