MBA 8370 Syllabus - Fall 2020 (onlYou are part of an audit team that is charged with estimating the value of an art collection stored in a warehouse. The art collection has 10,000 pieces, and examining each piece would take too long and require too many resources. Your team collects a random sample of 100 pieces from the art collection, and appraises each piece. You find that the sample average value (in thousands of dollars) is 505, and the sample standard deviation (in thousands of dollars) is 50. QUESTION 1 Given the above information, is it appropriate to use a standard normal distribution of a Student's t distribution when performing statistical inference? a. standard normal distribution b. Student's t distribution QUESTION 2 When constructing a confidence interval, one must determine a critical value from an appropriate distribution. Based on your answer to Question 1, what are the critical values from the appropriate distribution needed to calculate a 95% confidence interval for this scenario? a. 2.58 b. 1.98 c. 2.01 d. 2.31 QUESTION 3 Using your answer to Question 2 and the information provided in the scenario, construct a 95% confidence interval estimation of the mean value of each piece of