Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

The average production cost for major movies is 68 million dollars and the standard deviation is 23 million dollars. Assume the production cost distribution is

image text in transcribed
The average production cost for major movies is 68 million dollars and the standard deviation is 23 million dollars. Assume the production cost distribution is normal. Suppose that 18 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( 68 23 of b. What is the distribution of ? a ~ N( 68 c. For a single randomly selected movie, find the probability that this movie's production cost is between 69 and 73 million dollars. d. For the group of 18 movies, find the probability that the average production cost is between 69 and 73 million dollars. e. For part d), is the assumption of normal necessary? @ YesO No

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Forensic And Investigative Accounting

Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton

10th Edition

9780808056300

Students also viewed these Mathematics questions

Question

What is one of the skills required for independent learning?Explain

Answered: 1 week ago