# Question: Comerica Bank publishes information on new car prices in Comerica

Comerica Bank publishes information on new car prices in Comerica Auto Affordability Index. In the year 2007, Americans spent an average of $28,200 for a new car (light vehicle). Assume a standard deviation of $10,200.

a. Identify the population and variable under consideration.

b. For samples of 50 new car sales in 2007, determine the mean and standard deviation of all possible sample mean prices.

c. Repeat part (b) for samples of size 100.

d. For samples of size 1000, answer the following question without doing any computations: Will the standard deviation of all possible sample mean prices be larger than, smaller than, or the same as that in part (c)? Explain your answer.

a. Identify the population and variable under consideration.

b. For samples of 50 new car sales in 2007, determine the mean and standard deviation of all possible sample mean prices.

c. Repeat part (b) for samples of size 100.

d. For samples of size 1000, answer the following question without doing any computations: Will the standard deviation of all possible sample mean prices be larger than, smaller than, or the same as that in part (c)? Explain your answer.

## Answer to relevant Questions

In the article "How Hours of Work Affect Occupational Earnings" (Monthly Labor Review, Vol. 121), D. Hecker discussed the number of hours actually worked as opposed to the number of hours paid for. The study examines both ...In the special report "Mousetrap: The Most-Visited Shoe and Apparel E-tailers" (Footwear News, Vol. 58, No. 3, p. 18), we found the following data on the average time, in minutes, spent per user per month from January to ...Refer to Examples 8.1 and 8.2. Use the data in Table 8.1 on page 305 to obtain a 99.74% confidence interval for the mean price of all new mobile homes. (Proceed as in Example 8.2, but use the "99.74" part of the ...In a poll of 1009 U.S. adults of age 18 years and older, conducted December 4–7, 2008, Gallup asked “Roughly how much money do you think you personally will spend on Christmas gifts this year?”. The data provided on ...x-bar = 20, n = 36, σ = 3, confidence level = 95% We provide a sample mean, sample size, population standard deviation, and confidence level. In each case, use the one-mean z-interval procedure to find a confidence interval ...Post your question