### Independent Simple Random Samples - Example ProblemSuppose population 1 is all blue cars sold at used car auctions, and the mean sale price of all such blue cars is $24,579 with a standard deviation of $3,691. Additionally, suppose population 2 is all red cars sold at used car auctions, and the mean sale price of all such red cars is $21,948 with a standard deviation of $4,028.If a simple random sample of 47 blue cars sold at used car auctions is selected and the mean sale price of the 47 blue cars in the sample is determined, and if an independent simple random sample of 59 red cars sold at used car auctions is selected and the mean sale price of the 59 red cars in the sample is determined, describe completely the sampling distribution of $ X_1 - X_2 $.#### 1. Do we have 2 independent simple random samples?- No- YesThis problem involves comparing two independent populations (blue cars and red cars) using their respective sample statistics. The main objective is to understand the sampling distribution of the difference between the mean sale prices of blue and red cars. To answer the question, it is essential to know that each sample (blue cars and red cars) is chosen independently and randomly from their respective populations.

Given Sales of red cars and blue cars and few other parameters.we need to find whether it has 2…

Answered: Suppose population 1 is all blue cars…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. Although it requires a successful completion of three levels of grueling exams, it also entails promising careers with lucrative salaries. A student of finance is curious about the average salary of a CFA charterholder. He takes a random sample of 36 recent charterholders and computes a mean salary of $129,000 with a standard deviation of $22,000. Use this sample information to determine the 99% confidence interval for the average salary of a CFA charterholder. (You may find it useful to reference the t table. Round final answers to the nearest whole number.) Confidence interval
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A. The salaries of pharmacy techs are normally distributed with a mean of $33,000 and a standard deviation of $4,000. If a pharmacy tech is selected at random, what is the probability they make more than $38,000? The answer should be typed as a decimal with 4 decimal places. B. The salaries of pharmacy techs are normally distributed with a mean of $33,000 and a standard deviation of $4,000. What is the minimum salary to be considered the top 6%? Round final answer to the nearest whole number. C. The average number of shoppers at a particular grocery store in one day is 505, and the standard deviation is 115. The number of shoppers is normally distributed. For a random day, what is the probability that there are between 250 and 450 shoppers at the grocery store? The answer should be typed as a decimal with 4 decimal places.
Suppose population 1 is all blue cars sold at used car auctions, and the mean sale price of all such blue cars is $24,579 with a standard deviation of $3,691. Additionally suppose population 2 is all red cars sold at used car auctions, and the mean sale price of all such red cars is $21,948 with a standard deviation of $4,028. If a simple random sample of 47 blue cars sold at used car auctions is selected and the mean sale price of the 47 blue cars in the sample is determined, and if an independent simple random sample of 59 red cars sold at used car auctions is selected and the mean sale price of the 59 red cars in the sample is determined, if appropriate describe completely the sampling distribution of X1 - X2? 8. What is the shape of the sampling distribution? Skewed Left Skewed Right Bimodal Normal 9. Are there any unusual features in this sampling distribution? Yes No
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A report states that the mean yearly salary offer for students graduating with a degree in accounting is $48,722. Suppose that a random sample of 50 accounting graduates ata large university who received job offers resulted in a mean offer of $49.870 and a standard deviation of $3900, Do the sample data provide strong support for the claim that the mean salary offer for accounting graduates of this university is higher than the national average of $48,722? Ho: = H: p Select an answerY (Put in the correct syimbol and value) P value Based on the above we choose to Select an answer
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Suppose a researcher pbserves a population of 12 people and computes SS=204. What is the variance? What is the standard deviation?
4. Manufacturer A's television picture tubes have a mean lifespan of 7.23 years and a standard deviation of 0.72 years; while those of manufacturer B have a mean duration of 6.46 years and a standard deviation of 0.44 years. What is the probability that a random sample of 38 kinescopes from manufacturer A will have a mean lifespan that is 1 year less than the mean lifespan in a sample of 42 kinescopes from manufacturer B? Round your answer to four decimal places after the period.

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