The Economic Policy Institute periodically issues reports onwages of entry level workers. The institute reported that entrylevel wages for male college graduates were $21.68 per hour and forfemale college graduates were $18.80 per hour in 2011.†Assume thestandard deviation for male graduates is $2.30, and for femalegraduates it is $2.05. (Round your answers to four decimalplaces.)
1. What is the probability that a sample of 60 male graduateswill provide a sample mean within $0.50 of the population mean,$21.68?
2. What is the probability that a sample of 60 female graduateswill provide a sample mean within $0.50 of the population mean,$18.80?
3. In which of the preceding two cases, part (a) or part (b), dowe have a higher probability of obtaining a sample estimate within$0.50 of the population mean? Why?
4. What is the probability that a sample of 130 female graduateswill provide a sample mean less than the population mean by morethan $0.30?
