According to a recent publication, the mean price of new mobile homes is

$61,300.

Assume a standard deviation of

$7800.

Let

x

denote the mean price of a sample of new mobile homes.

a. For samples of size

25,

find the mean and standard deviation of

x.

Interpret your results in words.

b. Repeat part (a) with

n=50.

a. For

the 25 mobile homes sampled,

samples of 25 mobile homes,

the mean and standard deviation of

the prices of the mobile homes

all possible sample mean prices

are

$enter your response here

and

$enter your response here,

respectively.

(Round to the nearest cent as needed.)

b. For

samples of 50 mobile homes,

the 50 mobile homes sampled,

the mean and standard deviation of

all possible sample mean prices

the prices of the mobile homes

are

$enter your response here

and

$enter your response here,

respectively.

(Round to the nearest cent as needed.)