According to a recent publication, the mean price of new mobile homes is $63, 600. Assume a standard deviation of $7300. Let x denote the mean price of a sample of new mobile homes. a. For samples of 100 mobile homes, the mean and standard deviation of all possible sample mean prices are $_________ and $__________, respectively. (Round to the nearest cent as needed.) b. For samples of 200 mobile homes, the mean and standard deviation of all possible sample mean prices are $________and $_________, respectively. (Round to the nearest cent as needed.)
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
![### Task: Probability of Sample Mean Equalling Population Mean
For each of the possible sample sizes, find the probability that the sample mean will equal the population mean. Please enter your answers as integers or simplified fractions.
| n | Probability |
|---|-------------|
| 1 | [____] |
| 2 | [____] |
| 3 | [____] |
| 4 | [____] |
### Instructions
- Type the probabilities in the provided spaces.
- Use integers or simplified fractions for your answers.
This exercise helps in understanding how sample size affects the likelihood of the sample mean matching the population mean.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff534fa3a-7fc6-4517-a79f-1e1d7853b104%2Fe7db2e2b-27ac-44ed-b922-9463e8ecac2c%2Fb4fueo_processed.png&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
