Answer to Question #330917 in Statistics and Probability for diana john

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 = 175 Mean=11,500 Median= 8,700 Std. Error=144

(a)  Determine the value of standard deviation?                                       

 

(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?                       

(f) )   Identify an available point estimate for the population variance?