Suppose that James is an economist who collects a simple random sample of the total taxable earnings of workers in 50 American counties during the third quarter of 2016. According to the QCEW, the true population mean and standard deviation of taxable earnings, in millions of dollars, by county are ?=28.29 and ?=33.493, respectively Let ? be the total taxable earnings, in millions, of all wage earners in a county. The mean total taxable earnings of all wage earners in a county across all the counties in James' sample is
Suppose that James is an economist who collects a simple random sample of the total taxable earnings of workers in 50 American counties during the third quarter of 2016. According to the QCEW, the true population mean and standard deviation of taxable earnings, in millions of dollars, by county are ?=28.29 and ?=33.493, respectively
Let ? be the total taxable earnings, in millions, of all wage earners in a county. The mean total taxable earnings of all wage earners in a county across all the counties in James' sample is ?⎯⎯⎯.
Use the central limit theorem (CLT) to determine the
Use the CLT again to determine the probability that the mean taxable wages in James' sample of 50 counties will be greater than $24 million. Report your answer to four decimal places.
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