Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In area A the selling price of homes has a normal distribution with mean PA =130 thousand and a standard deviation of VA = 20

In area A the selling price of homes has a normal distribution with mean PA =130 thousand and a standard deviation of VA = 20 thousand, while in area B the selling price of homes had a normal distribution with mean PB = 150 and standard deviation of Vb = 25 thousand. a. Suppose that n = 30 homes are selected at random from Area B. i. (1 mark) Find the sampling distribution of the sample mean. ii. (3 marks) Find the probability that the sample mean is between 157 thousand and 164 thousand. iii. (2 marks) Find the probability that the sample mean is at least 155 thousand. iv. (2 marks) Find the probability that the sample mean is at most 165 thousand. b. Suppose that n = 100 homes are selected at random from Area B. i. (1 mark) Find the sampling distribution of the sample mean. ii. (3 marks) Find the probability that the sample mean is between 157 thousand and 164 thousand. iii. (2 marks) Find the probability that the sample mean is at least 155 thousand

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

Mathematical Applications for the Management Life and Social Sciences

Authors: Ronald J. Harshbarger, James J. Reynolds

11th edition

9781337032247, 9781305465183, 1305108043, 1337032247, 1305465180, 978-1305108042

More Books

Students also viewed these Mathematics questions

Question

Which amendment to the US constitution abolished slavery?

Answered: 1 week ago

Question

What was the primary goal of the woman suffrage movement?

Answered: 1 week ago

Question

What event led the United States to enter world war II?

Answered: 1 week ago

Question

The slogan 'no representation no tax' Is the result of which event?

Answered: 1 week ago