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Get Full Access to Statistical Techniques In Business And Economics - 15 Edition - Chapter Chapter 8 - Problem 42
Get Full Access to Statistical Techniques In Business And Economics - 15 Edition - Chapter Chapter 8 - Problem 42

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# Human Resource Consulting (HRC) surveyed a random sample of 60 Twin Cities construction

ISBN: 9780073401805 480

## Solution for problem 42 Chapter Chapter 8

Statistical Techniques in Business and Economics | 15th Edition

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Statistical Techniques in Business and Economics | 15th Edition

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Problem 42

Human Resource Consulting (HRC) surveyed a random sample of 60 Twin Cities construction companies to find information on the costs of their health care plans. One of the items being tracked is the annual deductible that employees must pay. The Minnesota Department of Labor reports that historically the mean deductible amount per employee is \$502 with a standard deviation of \$100. a. Compute the standard error of the sample mean for HRC. b. What is the chance HRC finds a sample mean between \$477 and \$527? c. Calculate the likelihood that the sample mean is between \$492 and \$512. d. What is the probability the sample mean is greater than \$550?

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Chapter 3 --- Displaying and Describing Quantitative Data The graphical methods used to display quantitative data in this chapter include histograms, stem-and-leaf plots, boxplots, and time series plots. Most of you have seen these types of graphs before and the text gives several examples. That should be enough to refresh your memory of these graphs. We will be using JMP to display these graphs. I will be giving severalexamples in these notes. In class I will point out the advantages and disadvantages of eachgraphicalmethod. The shape of the distribution is important throughout the course. Is the distribution approximately symmetric or skewed to the right or skewed to the left Detecting unusual features (outliers, gaps, clusters) and what to do about them is another important aspect

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##### ISBN: 9780073401805

This textbook survival guide was created for the textbook: Statistical Techniques in Business and Economics, edition: 15. The full step-by-step solution to problem: 42 from chapter: Chapter 8 was answered by , our top Statistics solution expert on 03/16/18, 04:51PM. This full solution covers the following key subjects: . This expansive textbook survival guide covers 20 chapters, and 1081 solutions. Statistical Techniques in Business and Economics was written by and is associated to the ISBN: 9780073401805. The answer to “Human Resource Consulting (HRC) surveyed a random sample of 60 Twin Cities construction companies to find information on the costs of their health care plans. One of the items being tracked is the annual deductible that employees must pay. The Minnesota Department of Labor reports that historically the mean deductible amount per employee is \$502 with a standard deviation of \$100. a. Compute the standard error of the sample mean for HRC. b. What is the chance HRC finds a sample mean between \$477 and \$527? c. Calculate the likelihood that the sample mean is between \$492 and \$512. d. What is the probability the sample mean is greater than \$550?” is broken down into a number of easy to follow steps, and 111 words. Since the solution to 42 from Chapter 8 chapter was answered, more than 267 students have viewed the full step-by-step answer.

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