Edmunds.com publishes information on new car prices in Car Shopping Trends Report. During a recent year, Americans spent an average of $30,803 for a new car. Assume a standard deviation of $10,200.
a. Identify the population and variable under consideration.
b. For samples of 50 new car sales during the year in question, determine the mean and standard deviation of all possible sample mean prices.
c. Repeat part (b) for samples of size 100.
d. For samples of size 1000, answer the following question without doing any computations: Will the standard deviation of all possible sample mean prices be larger than, smaller than, or the same as that in part (c)? Explain your answer.