2. (14 pts) A population of 1,000 students spends an average of $10.50 a day on...
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2. (14 pts) A population of 1,000 students spends an average of $10.50 a day on dinner. The standard deviation of the expenditure is $3. A simple random sample of 64 students is taken. a. What are the expected value, standard deviation, and shape of the sampling distribution of the sample mean? Explain the reason. Which theorem ensures the shape of the sampling distribution? b. What is the probability that these 64 students will spend a combined total of more than $715.21? c. What is the probability that these 64 students will spend a combined total between $703.59 and $728.45? 2. (14 pts) A population of 1,000 students spends an average of $10.50 a day on dinner. The standard deviation of the expenditure is $3. A simple random sample of 64 students is taken. a. What are the expected value, standard deviation, and shape of the sampling distribution of the sample mean? Explain the reason. Which theorem ensures the shape of the sampling distribution? b. What is the probability that these 64 students will spend a combined total of more than $715.21? c. What is the probability that these 64 students will spend a combined total between $703.59 and $728.45?
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a The expected value of the sampling distribution of the sample mean also known as the expected value of the sample mean is equal to the population me... View the full answer
Related Book For
Principles of Auditing and Other Assurance Services
ISBN: 978-0078025617
19th edition
Authors: Ray Whittington, Kurt Pany
Posted Date:
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