CRA CDs Inc. wants the mean lengths of the “cuts” on a CD to be 135 seconds (2 minutes and 15 seconds). This will allow the disk jockeys to have plenty of time for commercials within each 10-minute segment. Assume the distribution of the length of the cuts follows the normal distribution with a population standard deviation of 8 seconds. Suppose we select a sample of 16 cuts from various CDs sold by CRA CDs Inc.

a. What can we say about the shape of the distribution of the sample mean?

b. What is the standard error of the mean?

c. What percent of the sample means will be greater than 140 seconds?

d. What percent of the sample means will be greater than 128 seconds?

e. What percent of the sample means will be greater than 128 but less than 140 seconds?

a. What can we say about the shape of the distribution of the sample mean?

b. What is the standard error of the mean?

c. What percent of the sample means will be greater than 140 seconds?

d. What percent of the sample means will be greater than 128 seconds?

e. What percent of the sample means will be greater than 128 but less than 140 seconds?

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...

Statistical Techniques in Business and Economics

16th edition

Authors: Douglas Lind, William Marchal

ISBN: 978-0078020520

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