need help please The average production cost for major movies is 66 million dollars and the standard deviation is 18 milliondollars. Assume the production cost distribution is normal. Suppose that 50 randomly selected majormovies are researched. Answer the following questions. Give your answers in millions of dollars, notdollars. Round all answers to 4 decimal places where possible. c. For a single randomly selected movie, find the probability that this movie's production cost isbetween 67 and 71 million dollars.d. For the group of 50 movies, find the probability that the average production cost is between 67 and71 million dollars.

Answered: c. For a single randomly selected…

MATLAB: An Introduction with Applications

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ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

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The average production cost for major movies is 66 million dollars and the standard deviation is 18 million
dollars. Assume the production cost distribution is normal. Suppose that 50 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.

c. For a single randomly selected movie, find the probability that this movie's production cost is
between 67 and 71 million dollars.
d. For the group of 50 movies, find the probability that the average production cost is between 67 and
71 million dollars.

Expert Solution

Step 1: Introduce the given information

Given,

Mean, μ = 66 million dollars.

Standard deviation, σ = 18 million dollars.

Using formula,

$Z minus s c o r e equals fraction numerator X minus mu over denominator sigma end fraction$

$Z minus s c o r e equals fraction numerator X with bar on top minus mu over denominator fraction numerator sigma over denominator square root of n end fraction end fraction$

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c. For a single randomly selected movie, find the probability that this movie's production cost is between 67 and 71 million dollars. d. For the group of 50 movies, find the probability that the average production cost is between 67 and 71 million dollars.