BASIC BUSINESS STATISTICS-STUD.SOLN.MAN
BASIC BUSINESS STATISTICS-STUD.SOLN.MAN
14th Edition
ISBN: 9780134685045
Author: BERENSON
Publisher: PEARSON
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Chapter 7, Problem 8PS

The U.S. Census Bureau announced that the median sales price of new houses sold in 2016 was $ 316 , 500 , and the mean sales price was $ 370 , 800

Assume that the standard deviation of the prices is $ 90 , 000.

a. If you select samples of n = 4 , describe the shape of sampling distribution of X ¯ .

b. if you select samples of n = 100 , describe the shape of sampling distribution of X ¯ .

c. if you select a random sample of n = 100 , what is the probability that the sample mean will be less than $ 370 , 000 ?

d. if you select a random sample of n = 100 , what is the probability that the sample mean will be between 350,000 and 365,000?

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