Question
Studies indicate that men are spending more money on personal care products. In a recent study, men are reported to spend on average $588 per
Studies indicate that men are spending more money on personal care products. In a recent study, men are reported to spend on average $588 per year on personal care products. The population distribution of the amounts spent follows a normal distribution with a standard deviation of $45 per year.
Part 1
What is the probability that a randomly selected man spends $627.15 or less on personal care products?
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Answer with three decimal places.
Part 2
A random sample of 75 men is selected. What is the probability that the mean amount spent for those sampled is $580.36 or less?
____________________________
Answer with three decimal places.
Part 3 is a short essay question
Presumably, the population distribution of $ spent by men on personal care products is severely skewed. Does that impact our ability to use/interpret the confidence interval found above?
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