1) A sample survey interviews an simple random sample of 267 college women. Suppose (as is roughly true) that 70% of all college women have been on a diet within the past 12 months. what are the standard deviation of the sampling distribution for samples of 267 women?
2)An insurance company knows that in the entire population of millions of apartment owners, the mean annual loss from damage is ? = $439 per insured worker and the standard deviation is ? = $20,000. The distribution of losses is strongly right-skewed: most policies have no loss, but a few have large losses, up to million of dollars.
a) If the company sells 40,000 policies, what is the shape, mean, and standard deviation of the sampling distribution of the mean claim loss? Consider these 40,000 polices a random sample of all workers' compensation insurance polices
b) If the company sells 40,000 policies, what is the probability that the mean claim loss would be no greater than $ 500? No greater than $700?