The U.S. Census Bureau announced that the median sales price of new houses sold in 2016 was

Question:

The U.S. Census Bureau announced that the median sales price of new houses sold in 2016 was $316,500, and the mean sales price was $370,800

Source: www.census.gov/newhomesales, April 1, 2017.

Assume that the standard deviation of the prices is $90,000.

a. If you select samples of n = 4, describe the shape of the sampling distribution of X̅.

b. If you select samples of n = 100, describe the shape of the sampling distribution of X̅.

c. If you select a random sample of n = 100, what is the probability that the sample mean will be less than $370,000?

d. If you select a random sample of n = 100, what is the probability that the sample mean will be between 350,000 and 365,000?

Distribution
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