Find the probability that the sample mean rent is greater than $2,700.

Question

Want to see the full answer?

Answer 1

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 6.2, Problem 26E

a.

To determine

Find the probability that the sample mean rent is greater than $2,700.

b.

To determine

Find the probability that the sample mean rent is between $2,500 and $2,600.

c.

To determine

Find the 60^th percentile of the sample mean.

d.

To determine

Check whether it is unusual for the sample mean is greater than $2,800.

e.

To determine

Explain whether or not “A person can tell that it would be unusual for an individual to have a rent greater than $2,800”.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

For unemployed persons in the United States, the average number of months of unemployment at the end of December 2009 was approximately seven months (Bureau of Labor Statistics, January 2010). Suppose the following data are for a particular region in upstate New York. The values in the first column show the number of months unemployed and the values in the second column show the corresponding number of unemployed persons. Months Unemployed Number Unemployed 1 1029 2 1686 3 2269 4 2675 5 3487 6 4652 7 4145 8 3587 9 2325 10 1120 Let x be a random variable indicating the number of months a person is unemployed. a. Use the data to develop an empirical discrete probability distribution for x (to 4 decimals). (x) f(x) 1 2 3 4 5 6 7 8 9 10 b. Show that your probability distribution satisfies the conditions for a valid discrete probability distribution. The input in the box below will not be graded, but may be reviewed and considered by your instructor. blank c. What is the probability that a…

West Virginia has one of the highest divorce rates in the nation, with an annual rate of approximately 5 divorces per 1000 people (Centers for Disease Control and Prevention website, January 12, 2012). The Marital Counseling Center, Inc. (MCC) thinks that the high divorce rate in the state may require them to hire additional staff. Working with a consultant, the management of MCC has developed the following probability distribution for x = the number of new clients for marriage counseling for the next year. Excel File: data05-19.xls x 10 f(x) .05 20 30 .10 .10 40 .20 50 60 .35 .20 a. Is this probability distribution valid? - Select your answer- Explain. f(x) Σf(x) Select your answer Select your answer b. What is the probability MCC will obtain more than 30 new clients (to 2 decimals)? c. What is the probability MCC will obtain fewer than 20 new clients (to 2 decimals)? d. Compute the expected value and variance of x. Expected value Variance clients per year squared clients per year

For unemployed persons in the United States, the average number of months of unemployment at the end of December 2009 was approximately seven months (Bureau of Labor Statistics, January 2010). Suppose the following data are for a particular region in upstate New York. The values in the first column show the number of months unemployed and the values in the second column show the corresponding number of unemployed persons. Months Unemployed Number Unemployed 1 1029 2 1686 3 2269 4 2675 5 3487 6 4652 7 4145 8 3587 9 2325 10 1120 Let x be a random variable indicating the number of months a person is unemployed. a. Use the data to develop an empirical discrete probability distribution for x (to 4 decimals). (x) f(x) 1 2 3 4 5 6 7 8 9 10 b. Show that your probability distribution satisfies the conditions for a valid discrete probability distribution. The input in the box below will not be graded, but may be reviewed and considered by your instructor. c. What is the probability that a person…

Answer 2

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 6.2, Problem 26E

a.

To determine

Find the probability that the sample mean rent is greater than $2,700.

b.

To determine

Find the probability that the sample mean rent is between $2,500 and $2,600.

c.

To determine

Find the 60^th percentile of the sample mean.

d.

To determine

Check whether it is unusual for the sample mean is greater than $2,800.

e.

To determine

Explain whether or not “A person can tell that it would be unusual for an individual to have a rent greater than $2,800”.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 6.2, Problem 26E

a.

To determine

Find the probability that the sample mean rent is greater than $2,700.

b.

To determine

Find the probability that the sample mean rent is between $2,500 and $2,600.

c.

To determine

Find the 60^th percentile of the sample mean.

d.

To determine

Check whether it is unusual for the sample mean is greater than $2,800.

e.

To determine

Explain whether or not “A person can tell that it would be unusual for an individual to have a rent greater than $2,800”.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 6.2, Problem 26E

a.

To determine

Find the probability that the sample mean rent is greater than $2,700.

b.

To determine

Find the probability that the sample mean rent is between $2,500 and $2,600.

c.

To determine

Find the 60^th percentile of the sample mean.

d.

To determine

Check whether it is unusual for the sample mean is greater than $2,800.

e.

To determine

Explain whether or not “A person can tell that it would be unusual for an individual to have a rent greater than $2,800”.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 6.2, Problem 26E

a.

To determine

Find the probability that the sample mean rent is greater than $2,700.

b.

To determine

Find the probability that the sample mean rent is between $2,500 and $2,600.

c.

To determine

Find the 60^th percentile of the sample mean.

d.

To determine

Check whether it is unusual for the sample mean is greater than $2,800.

e.

To determine

Explain whether or not “A person can tell that it would be unusual for an individual to have a rent greater than $2,800”.

Answer 6

Chapter 6.2, Problem 26E

a.

To determine

Find the probability that the sample mean rent is greater than $2,700.

Answer 7

Chapter 6.2, Problem 26E

a.

To determine

Find the probability that the sample mean rent is greater than $2,700.

Answer 8

b.

To determine

Find the probability that the sample mean rent is between $2,500 and $2,600.

Answer 9

b.

To determine

Find the probability that the sample mean rent is between $2,500 and $2,600.

Answer 10

c.

To determine

Find the 60^th percentile of the sample mean.

Answer 11

c.

To determine

Find the 60^th percentile of the sample mean.

Answer 12

d.

To determine

Check whether it is unusual for the sample mean is greater than $2,800.

Answer 13

d.

To determine

Check whether it is unusual for the sample mean is greater than $2,800.

Answer 14

e.

To determine

Explain whether or not “A person can tell that it would be unusual for an individual to have a rent greater than $2,800”.

Answer 15

e.

To determine

Explain whether or not “A person can tell that it would be unusual for an individual to have a rent greater than $2,800”.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 19

Ch. 6.1 - Prob. 1CYU Ch. 6.1 - Prob. 2CYU Ch. 6.1 - Prob. 3CYU Ch. 6.1 - Prob. 4CYU Ch. 6.1 - Prob. 5CYU Ch. 6.1 - Prob. 6CYU Ch. 6.1 - Prob. 7CYU Ch. 6.1 - Prob. 8CYU Ch. 6.1 - Prob. 9CYU Ch. 6.1 - Prob. 10CYU

Find the probability that the sample mean rent is greater than $2,700.

Concept explainers

Videos

Find the probability that the sample mean rent is greater than $2,700.

Find the probability that the sample mean rent is between $2,500 and $2,600.

Find the 60^th percentile of the sample mean.

Check whether it is unusual for the sample mean is greater than $2,800.

Explain whether or not “A person can tell that it would be unusual for an individual to have a rent greater than $2,800”.

Want to see the full answer?

Chapter 6 Solutions

Find the probability that the sample mean rent is greater than $2,700.

Concept explainers

Videos

Find the probability that the sample mean rent is greater than $2,700.

Find the probability that the sample mean rent is between $2,500 and $2,600.

Find the 60th percentile of the sample mean.

Check whether it is unusual for the sample mean is greater than $2,800.

Explain whether or not “A person can tell that it would be unusual for an individual to have a rent greater than $2,800”.

Want to see the full answer?

Chapter 6 Solutions

Find the 60^th percentile of the sample mean.