Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The average production cost for major movies is 57 million dollars and the standard deviation is 22 million dollars. Assume the production cost distribution
The average production cost for major movies is 57 million dollars and the standard deviation is 22 million dollars. Assume the production cost distribution is normal. Suppose that 17 randomly selected major movies are researched. Answer the following questions. Give your answers in millions of dollars, not dollars. Round all answers to 4 decimal places where possible. a. What is the distribution of X? X N 57 - b. What is the distribution of ? - N( 57 484 80 52.5323 X) c. For a single randomly selected movie, find the probability that this movie's production cost is between 59 and 63 million dollars. 0.1162 x d. For the group of 17 movies, find the probability that the average production cost is between 59 and 63 million dollars. 0.1353 X e. For part d), is the assumption of normal necessary? Yes No o
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