Question
Missy Walters owns a mail-order business specializing in baby clothes. Missy is confident the dollar amounts of all her orders are normally distributed or nearly
Missy Walters owns a mail-order business specializing in baby clothes. Missy is confident the dollar amounts of all her orders are normally distributed or nearly so. Assume she knows the mean and standard deviation are $249 and $46, respectively, for all orders she receives. a. Describe the sampling distribution of , where is the mean dollar-amount of an order for a sample of 10 orders. b. What is the probability that a simple random sample of 30 orders will provide an estimate of the population mean dollar-amount of an order that is within plus or minus $10 of the actual population mean? c. What happens to the sampling distribution of when the sample size is increased from 30 to 90? With a sample size of 90, what is the probability that will be between $239 and $259
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started