- 27 College Graduate Level Wages The Economic Policy Institute Periodically Issues Reports On Worker S Wages The Insti 1 (38.56 KiB) Viewed 11 times
27. College Graduate-Level Wages. The Economic Policy Institute periodically issues reports on worker's wages. The institute reported that mean wages for male college graduates were $37.39 per hour and for female college graduates were $27.83 per hour in 2017. Assume the standard deviation for male graduates is $4.60, and for female graduates it is $4.10. a. What is the probability that a sample of 50 male graduates will provide a sample mean within $1.00 of the population mean, $37.39? b. What is the probability that a sample of 50 female graduates will provide a sample mean within $1.00 of the population mean, $27.83? c. In which of the preceding two cases, part (a) or part (b), do we have a higher probability of obtaining a sample estimate within $1.00 of the population mean? Why?
d. What is the probability that a sample of 120 female graduates will provide a sample mean more than $.60 below the population mean, 27.83?