Suppose an analyst wants to use the distribution on commodity prices introduced in an article “Commodity-Indexed Debt” in a well-known journal. These prices have a mean of 75 cents and a standard deviation of 9 cents. A sample of 81 commodity prices is selected. Describe the sampling distribution of the mean price for samples of 81 commodity prices. Calculate the mean and standard deviation of the sampling distribution. a. The sampling distribution of the mean price for samples of 81 commodity prices is expected to be normal provided the sample size is small enough with the average of all sample averages being 75 cents and the standard deviation of all sample averages being 1. b. The sampling distribution of the mean price for samples of 81 commodity prices is expected to be approximately normal provided the sample size is large enough with the average of all sample averages being 75 cents and the standard deviation of all sample averages being 1. c. The sampling distribution of the mean price for samples of 81 commodity prices is expected to be normal provided the sample stays the same with the average of all sample averages being 75 cents and the standard deviation of all sample averages being 9. d. The sampling distribution of the mean price for samples of 81 commodity prices is expected to be approximately normal provided the sample size stays the same with the average of all sample averages being 75 cents and the standard deviation of all sample averages being 1. e. The sampling distribution of the mean price for samples of 81 commodity prices cannot be determined for unknown populations. As in question 13, what is the probability that the first price selected at random from the population will be larger than 84 cents? a. 0.3413 b. 0.8413 c. 0.1587 d. 0.5 e. approximately zero
Suppose an analyst wants to use the distribution on commodity prices introduced in an article “Commodity-Indexed Debt” in a well-known journal. These prices have a
| a. |
The sampling distribution of the mean price for samples of 81 commodity prices is expected to be normal provided the |
|
| b. |
The sampling distribution of the mean price for samples of 81 commodity prices is expected to be approximately normal provided the sample size is large enough with the average of all sample averages being 75 cents and the standard deviation of all sample averages being 1. |
|
| c. |
The sampling distribution of the mean price for samples of 81 commodity prices is expected to be normal provided the sample stays the same with the average of all sample averages being 75 cents and the standard deviation of all sample averages being 9. |
|
| d. |
The sampling distribution of the mean price for samples of 81 commodity prices is expected to be approximately normal provided the sample size stays the same with the average of all sample averages being 75 cents and the standard deviation of all sample averages being 1. |
|
| e. |
The sampling distribution of the mean price for samples of 81 commodity prices cannot be determined for unknown populations. |
As in question 13, what is the
| a. |
0.3413 |
|
| b. |
0.8413 |
|
| c. |
0.1587 |
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| d. |
0.5 |
|
| e. |
approximately zero |
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