# Probability and Statistics for Economics Mathematics & Economics Essay (Essay Sample)

An analysis of a client data set to determine some of its essential statistics.

The sample is the answer sheet submitted to the client after comprehensive data analysis per the instructions.

Students Name

Professors Name

Course

Date

Probability and Statistics for Economics

Question One

In figure 1, the population data assumes a pattern of a normal distribution. Therefore, the sampling distributions of and must infer patterns that relate to normal distribution. The sample distributions of the mean equal to the mean of the entire population and should map correctly on the curve. Alternatively, the proportion of men with >$60,000 crowd wound the population mean at the peak of the curve (µ=$107,024.6).

Question Two

Population mean = Mean of sampling distribution, where n is 25

107,024.6 = x1+x2+…+x10025

Standard error of the mean = Standard deviation/ n

= $125,821.325 = $125,821.35 = 25,164.26

Population mean = Mean of sampling distribution, where n is 100

107,024.6 = x1+x2+…+x100100

Standard error of the mean = Standard deviation/ n where n is 100

= $125,821.3100 = $125,821.310 = 12,582.13

Question Three

Population mean = $107,024.6

Standard deviation = $125,821.3

Where n is 25

Standard error of p = p = p(1-p)n

= 0.6854(1-0.6854)25 = 0.215625 = 0.0929

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