Question
6.Suppose a subdivision on the southwest side of Denver, Colorado, contains1,400houses. The subdivision was built in 1983. A sample of110houses is selected randomly and evaluated
6.Suppose a subdivision on the southwest side of Denver, Colorado, contains1,400houses. The subdivision was built in 1983. A sample of110houses is selected randomly and evaluated by an appraiser. If the mean appraised value of a house in this subdivision for all houses is $229,000, with a standard deviation of $8,700, what is the probability that the sample average is greater than $230,000?
7.According to Runzheimer International, a typical business traveler spends an average of $281 per day in Chicago. This cost includes hotel, meals, car rental, and incidentals. A survey of60randomly selected business travelers who have been to Chicago on business recently is taken. For the population mean of $281 per day, what is the probability of getting a sample average of more than $267per day if the population standard deviation is $47?
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