3 Perez Industries in Hialeah Florida has seven production e

3) Perez Industries in Hialeah, Florida has seven production employees (considered the population). The hourly earnings of each employee are given in the table below Employee Hourly Wage Victor 12 Amanda 12 Marilou 14 Matt 12 Dante 13 Rashida 13 Jasmine 13 Use the methods shown on PowerPoint slides 8-16 to 8-20 to calculate the following. f) What is the population mean? g) What is the population standard deviation? h) What is the sampling distribution of the sample mean for samples of size 2? i) What is the mean of the sampling distribution? j) What is the standard deviation of the sampling distribution? k) What observations can be made about the population and the sampling distribution?

Solution

f> population mean = sum of the individual wages ened per hour/number of individuals

=> population mean = [12+12+14+12+13+13+13]/7 = 89/7 = 12.7143

g> population standard deviation is the square root of the population variance

In a population, variance is the average squared deviation from the population mean,

variance = [(12 - 12.7143)^2 + (12 - 12.7143)^2 + (14 - 12.7143)^2 + (12 - 12.7143)^2 + (13 - 12.7143)^2 + (13 - 12.7143)^2 + (13 - 12.7143)^2] / 7 = .4898

=> population standard deviation = sqrt(.4898)= 0.6998