Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

According to a researchinstitution, the average hotel price in a certain year was $ 97.27 . Assume the population standard deviation is $ 21.00 and

According to a researchinstitution, the average hotel price in a certain year was$97.27.Assume the population standard deviation is$21.00and that a random sample of 30hotels was selected. Complete parts a through d below.

a.Calculate the standard error of the mean.

=$

b.What is the probability that the sample mean will be less than $100?

P(x<$100)=

c. What is the probability that the sample mean will be more than $104?

P(x>$104)=

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistical Techniques in Business and Economics

Authors: Douglas A. Lind, William G Marchal

17th edition

1259666360, 978-1259666360

More Books

Students also viewed these Mathematics questions