Question: According to an estimate the average price of homes in
According to an estimate, the average price of homes in Martha’s Vineyard, Massachusetts, was $650,000 in 2011 (USA Today, August 11, 2011). Suppose that the current population distribution of home prices in Martha’s Vineyard has a mean of $650,000 and a standard deviation of $140,000, but the shape of this distribution is unknown. Let be the average price of a random sample of certain homes selected from Martha’s Vineyard. Calculate the mean and the standard deviation of the sampling distribution of and describe its shape for a sample size of
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