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
Answer to relevant QuestionsRefer to Problem 15 above. 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. Find the ...York Steel Corporation produces iron rings that are supplied to other companies. These rings are supposed to have a diameter of 24 inches. The machine that makes these rings does not produce each ring with a diameter of ...A random sample of 300 female members of health clubs in Los Angeles showed that they spend, on average, 4.5 hours per week doing physical exercise with a standard deviation of .75 hour. Find a 98% confidence interval for ...A researcher wants to determine a 99% confidence interval for the mean number of hours that adults spend per week doing community service. How large a sample should the researcher select so that the estimate is within 1.2 ...A gas station attendant would like to estimate p, the proportion of all households that own more than two vehicles. To obtain an estimate, the attendant decides to ask the next 200 gasoline customers how many vehicles their ...
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