So far at your new job, you have landed nine sales contracts with an average price of

Question:

So far at your new job, you have landed nine sales contracts with an average price of $3,782 and a standard deviation of $1,290.
a. Identify a reasonable idealized population that this sample represents.
b. If the of sales prices is heavily skewed, would it be appropriate to construct the usual two-sided 95% confidence interval? Why or why not?
c. Assume now that the of sales prices is only slightly skewed and not too different from a normal Compute the usual two-sided 95% confidence interval, and interpret it carefully in terms of your long-term prospects at this job. Be sure to address both the useful information and the limitations of the confidence interval in this situation.
d. Find the two-sided 90% prediction interval for the sales price of the next contract you land, assuming that conditions will remain essentially unchanged.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...