University of Phoenix QNT 561 Week 2 Individual AssignmentExercise 21What is sampling error? Could the value of the sampling error be zero? If it were zero, what would this mean?Exercise 22List the reasons for sampling. Give an example of each reason for sampling.Exercise 34Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $110,000. This distribution follows the normal distribution with a standard deviation of $40,000.1. If we select a random sample of 50 households, what is the standard error of the mean?2. What is the expected shape of the distribution of the sample mean?3. What is the likelihood of selecting a sample with a mean of at least $112,000?4. What is the likelihood of selecting a sample with a mean of more than $100,000?5. Find the likelihood of selecting a sample with a mean of more than $100,000 but less than $112,000.Chapter 9 QuestionsExercise 32A state meat inspector in Iowa has been given the assignment of estimating the mean net weight of packages of ground chuck labeled â3 pounds.â Of course, he realizes that the weights cannot be precisely 3 pounds. A sample of 36 packages reveals the mean weight to be 3.01 pounds, with a standard deviation of 0.03 pounds.1. What is the estimated population mean?2. Determine a 95 percent confidence interval for the population mean.Exercise 34A recent survey of 50 executives who were laid off from their previous position revealed it took a mean of 26 weeks for them to find another position. The standard deviation of the sample was 6.2 weeks. Construct a 95 percent confidence interval for the population mean. Is it reasonable that the population mean is 28 weeks? Justify your answer.Exercise 46As a condition of employment, Fashion Industries applicants must pass a drug test. Of the last 220 applicants 14 failed the test. Develop a 99 percent confidence interval for the proportion of applicants that fail the test. Would it be reasonable to conclude that more than 10 percent of the applicants are now failing the test? In addition to the testing of applicants, Fashion Industries randomly tests its employees throughout the year. Last year in the 400 random tests conducted, 14 employees failed the test. Would it be reasonable to conclude that less than 5 percent of the employees are not able to pass the random drug test?
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