Answer to Question #328382 in Statistics and Probability for jada 2

Question

A top graduate business school is interested in the starting salaries of their MBA graduates. A survey consisting of all the graduates from previous year was done and the results displayed in the table below:

 

n Mean Median Std. Dev. Std. Error MBA’s 175 11,500 8,700 *** 144

 

(a)  Determine the value of ‘***’?  

(b)  Explain what is meant by Sampling Distribution of the Mean in the context of MBA graduates’ starting salaries?

(c)  What type of distribution will the Sampling Distribution of the Mean for MBA graduates’ starting salaries follow? Give reasons for your answer. 

(d)  What are the available point estimator and estimate of the population mean starting salary?    

(e)  Which of these estimators in ‘Part (c)’ above is unbiased? Give reasons for your answer?   

Answer 1

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