Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The average production cost for major movies is 60 million dollars and the standard deviation is 20 million dollars. Assume the production cost distribution is

image text in transcribed
The average production cost for major movies is 60 million dollars and the standard deviation is 20 million dollars. Assume the production cost distribution is normal. Suppose that 14 randomly selected major movies are researched. Answer the following questions. Enter your answers in millions of dollars. Round all answers to 4 decimal places where possible. a. What is the distribution of X? X ~ NC b. What is the distribution of ? ~ ~ N( c. For a single randomly selected movie, find the probability that this movie's production cost is between 57 and 60 million dollars. d. For the group of 14 movies, find the probability that the average production cost is between 57 and 60 million dollars. e. For part d), is the assumption of normal necessary? O YesO No

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

Mathematical Analysis I

Authors: Vladimir A Zorich, Roger Cooke, Octavio Paniagua Taboada

2nd Edition

3662487926, 9783662487921

More Books

Students also viewed these Mathematics questions