(p. 259). Recall that the quarterly rate of change in real house prices in advanced economies has a mean and standard deviation of .48% and 2.36% respectively while that in emerging market economies has a mean and standard deviation of .63% and 3.02% respectively. Let x represent the sample mean quarterly change rate for a random sample of 50 economies.

a. For advanced economies, what is the probability that the mean quarterly change rate is at least 0.31%?

b. For emerging market economies, what is the probability that the mean quarterly change rate is in between .55% and 1.76%?

c. If you observe a mean quarterly change rate of 1.98% or more, which economy would this value refer to—an advanced economy or an emerging market economy?