Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The average production cost for major movies is 58 million dollars and the standard deviation is 19 million dollars. Assume the production cost distribution is

The average production cost for major movies is 58 million dollars and the standard deviation is 19 million dollars. Assume the production cost distribution is normal. Suppose that 42 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.

What is the distribution of ? ~ N( , ) What is the distribution of ? ~ N( , )

For a single randomly selected movie, find the probability that this movie's production cost is between 60 and 66 million dollars.

For the group of 42 movies, find the probability that the average production cost is between 60 and 66 million dollars.

For part d), is the assumption of normal necessary? YesNo

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Discrete and Combinatorial Mathematics An Applied Introduction

Authors: Ralph P. Grimaldi

5th edition

201726343, 978-0201726343

More Books

Students also viewed these Mathematics questions

Question

How are financial statements adjusted for exchange rates?

Answered: 1 week ago

Question

What other requirements do they have for admission?

Answered: 1 week ago

Question

Explain the digital divide.

Answered: 1 week ago