# The U.S. Census Bureau announced that the median sales price of new houses sold in January 2018 was \$323,000, and

## Question:

The U.S. Census Bureau announced that the median sales price of new houses sold in January 2018 was \$323,000, and the mean sales price was \$382,700.
Assume that the standard deviation of the prices is \$90,000.
a. If you select samples of n = 4, describe the shape of the sampling distribution of X.
b. If you select samples of n = 100, describe the shape of the sampling distribution of X.
c. If you select a random sample of n = 100, what is the probability that the sample mean will be less than \$370,000?
d. If you select a random sample of n = 100, what is the probability that the sample mean will be between \$350,000 and \$365,000?

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Related Book For ## Statistics For Managers Using Microsoft Excel

ISBN: 9780135969854

9th Edition

Authors: David M. Levine, David F. Stephan, Kathryn A. Szabat

Question Details
Chapter # 7
Section: Problems
Problem: 8
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