For a single randomly selected movie, find the probability that this movie's production cost is between 60 and 66 million dollars. For the group of 42 movies, find the probability that the average production cost is between 60 and 66 million dollars. Is the assumption of normal necessary? Yes or No
For a single randomly selected movie, find the probability that this movie's production cost is between 60 and 66 million dollars. For the group of 42 movies, find the probability that the average production cost is between 60 and 66 million dollars. Is the assumption of normal necessary? Yes or No
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
The average production cost for major movies is 63 million dollars and the standard deviation is 21 million dollars. Assume the production cost distribution is normal. Suppose that 42 randomly selected major movies are researched. Answer the following questions. Round all answers to 4 decimal places where possible.
- For a single randomly selected movie, find the
probability that this movie's production cost is between 60 and 66 million dollars. - For the group of 42 movies, find the probability that the average production cost is between 60 and 66 million dollars.
- Is the assumption of normal necessary? Yes or No
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 31 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman