Suppose that data on the costs for drilling all the various oil wells in Kansas are collected and that the resulting population data forms a normal distribution with a mean of $525 thousand with a standard deviation of $ 22 thousand. Sketch and properly label the distribution for this given information. Then sketch with proper labeling the sampling distribution for the sample means from this population for a sample of size 50.

H 250 A-Sadler Fall 2022 Suppose that data on the costs for drilling ALL the various oil wells in Kansas. are collected and that the resulting population data forms a normal distribution with a mean of $525 thousand with a standard deviation of $22 thousand. Sketch (to the left in the space below) and properly label the distribution for this given information. Then sketch (to the samples of size 50. right in the space below) with proper labeling the sampling distribution of the sample means from this population for M = 525 k 2 2000 2 3111. 27 6 = 22 K wise there for 81 503 525 597 569 Scaling the ( cost for drilling various oil wells inkansas Tith ? distribute Based upon correct choice of appropriate distribution in problem 7, answer each of the following questions regarding the costs for drilling oil wells in Kansas: (a) What is the probability that any one randomly selected Kansas oil well from the entire group will have drilling costs of less than $500 thousand? Based upon your results, is such an outcome is unusual? Explain the basis of your decision. Same type of work as you did in # 4- C - 1 .... (b) If 50 such oil wells are randomly selected from the population, find the probability that the mean for the resulting sample will be less than $500 thousand. Based upon your results, is such an outcome is unusual? Explain the basis of your decision. Some type of work as part ( a ) ... but must know your sampling distribution