The Life Expectancy in the United States Is 75 with a Standard

question 58

Short Answer

The life expectancy in the United States is 75 with a standard deviation of 7 years. A random sample of 49 individuals is selected.
a.What is the probability that the sample mean will be larger than 77 years?
b.What is the probability that the sample mean will be less than 72.7 years?
c.What is the probability that the sample mean will be between 73.5 and 76 years?
d.What is the probability that the sample mean will be between 72 and 74 years?
e.What is the probability that the sample mean will be larger than 73.46 years?

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Definitions:

Government Budget

A financial statement presenting the government's projected revenue and spending for a specific fiscal period, outlining planned financial operations and priorities.

Allocative Efficiency

A state of the economy where resources are allocated in a way that maximizes the utility or satisfaction of consumers.

Consumer Surplus

The discrepancy between the aggregate sum consumers are prepared and can afford to spend on a product or service and the actual total amount they end up paying.

Coase Theorem

A principle that if property rights are clearly defined and transaction costs are low, private bargains will ensure that the market always reaches an efficient outcome regardless of who holds the initial property rights.