Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The suggested retail price for a certain video game is $59.19. The data below contains a random sample of 200 retail prices paid for this
The suggested retail price for a certain video game is $59.19. The data below contains a random sample of 200 retail prices paid for this video game. Complete parts a through d below. a Click the icon for a table of video game sale prices. a) Calculate the sample mean and standa Video Game Prices The sample mean is $ . (Round to two decimal places as needed. The sample standard deviation is $ . Video Game Prices (in dollars) (Round to two decima places as needed. $59.67 $62.19 $59.17 $50.80 $59.76 $61.76 $59.30 $57.45 6) Determine if the average retail price har $56.94 $58.12 $5455 $5339 ple mean no larger than the sample mean calculated in part a. Assume that the population mean is $59.19 and that th $56.67 $5920 $5950 $58.99 $53.13 $60.69 $58.53 $56.53 $58.60 $59.61 $63.62 $57.85 $61.13 $58.87 $55.57 $62.31 The probability of obtaining a sample with (Round to four decimal places as needed. c) Calculate the probabilitythat a random $58.85 $58.99 $55.13 $54.32 ssume that the population mean is $58.74, instead of $59.19. and that the sample standard deviation is representati $57.16 $62.33 $56.24 $60.74 $56.22 $62.34 $59.71 $57.80 The probability of obtaining a sample with $5760 $5454 $6310 $5631 (Round to four decimal places as needed. $5333 $58.80 $62.78 $56.49 $57.98 $56.68 $58.41 $60.48 d) Does it seem likely that the average pri $58.85 $55.89 $58.28 $61.62 1'; A. It is less likely that a sample mean $57.08 $58.45 $53_19 $58.66 h a mean of $59.19. Therefore, it appears that the average price of the game has decreased- $57.42 $56.64 $59.92 $55.33 1:. B. It is more likely that a sample mea $63.67 $56.13 $59.65 $58.90 th a mean of $59.19. Therefore, it appears that the average price of the game has increased. $58.39 $60.69 $59.60 $60.14 1:: c_ It is less likely that a sample mean $5177 $5755 561-46 559-05 h a mean of $59.19. Therefore, it appears that the average price of the game has increased_ $60.22 $59.93 $59.53 $61.09 $58.64 $56.55 $59.57 $55.39 $54.97 $56.97 $56.23 $57.14 $59.53 $56.16 $57.97 $55.49 if} D. It is more likely that a sample mea game has decreased. th a mean of $59.19. Therefore, it appears that the average price of the $62.93 $63.40 $59.76 $61.27 $54.44 $57.39 $59.76 $60.10 The suggested retail price for a certain video game is $59.19. The data below contains a random sample of 200 retail prices paid for this video game. Complete parts a through d below. Click the icon for a table of video game sale prices. a) Calculate the sample mean and standard deviation of retail prices paid for the video game. The sample mean is $D. (Round to two decimal places as needed.) The sample standard deviation is $ . (Round to two decimal places as needed.) b) Determine ifthe average retail price has fallen from $59.19 by calculating the probability that a random sample of size 200 would result in a sample mean no larger than the sample mean calculated in part a. Assume that the population mean is $59.19 and that the sample standard deviation is representative of the population standard deviation. The probability of obtaining a sample with a mean no larger than the sample mean calculated previously is (Round to four decimal places as needed.) c) Calculate the probability that a random sample of size 200 would result in a sample mean no larger than the sample mean calculated in part a. Assume that the population mean is $58.74, instead of $59.19. and that the sample standard deviation is representative of the population standard deviation. The probability of obtaining a sample with a mean no larger than the sample mean calculated previously is (Round to four decimal places as needed.) d) Does it seem likely that the average price of the game has decreased? [it A. It is less likely that a sample mean no largerthan the mean of the given sample would come from a distribution of $53.74 than from one with a mean of $59.19. Therefore, it appears that the average price of the game has decreased. It is more likely that a sample mean no larger than the mean of the given sample would come from a distribution of $58.74 than from one with a mean of $59.19. Therefore, it appears that the average price of the game has increased. t? C. It is less likely that a sample mean no largerthan the mean of the given sample would come from a distribution of $53.74 than from one with a mean of $59.19. Therefore, it appears that the average price of the game has increased. It is more likely that a sample mean no larger than the mean of the given sample would come from a distribution of $58.74 than from one with a mean of $59.19. Therefore, it appears that the average price of the game has decreased
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