CEOs revisited In Exercise 36 you looked at the annual compensation for 800 CEOs, for
Chapter 17, Problem 38(choose chapter or problem)
CEOs revisited In Exercise 36 you looked at the annual compensation for 800 CEOs, for which the true mean and standard deviation were (in thousands of dollars) 10,307.31 and 17,964.62, respectively. A simulation drew samples of sizes 30, 50, 100, and 200 (with replacement) from the total annual compensations of the Fortune 800 CEOs. The summary statistics for these simulations were as follows: a) According to the Central Limit Theorem, what should the theoretical mean and standard deviation be for each of these sample sizes? b) How close are the theoretical values to what was observed from the simulation? c) Looking at the histograms in Exercise 36, at what sample size would you be comfortable using the Normal model as an approximation for the sampling distribution? d) What about the shape of the distribution of Total Compensation explains your answer in part c?
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