Q1
A family of statisticians is trying to decide if they can afford for their child to play youth baseball. The cost of joining a team is normally distributed with a mean of $750 and a standard deviation of $185. If a sample of 40 teams is selected at random from the population, select the expected mean and standard deviation of the sampling distribution below.
Ans:
σx¯=$185
σx¯=$29.25
σx¯=$4.63
μx¯=$118.59
μx¯=$18.75
μx¯=$750
Q2
A statistics student is trying to decide whether she should take a gamble and play Bingo. The average Bingo player earns $9 per game, distributed normally, with a population standard deviation of $8. If a sample of 25 Bingo players are selected at random from the population, select the expected mean of the sampling distribution and the standard deviation of the sampling distribution below.
Ans:
σx¯=$0.32
σx¯=$8
σx¯=$1.60
μx¯=$9
μx¯=$1.80
μx¯=$0.36
Q3
A bank is reviewing its risk management policies with regards to mortgages. To minimize the risk of lending, the bank wants to compare the typical mortgage owed by their clients against other homebuyers. The average mortgage owed by Americans is $306,500, with a standard deviation of $24,500. Suppose a random sample of 150 Americans is selected.
Identify each of the following, rounding your answers to the nearest cent when appropriate:
Ans:
Q4
A well known social media company is looking to expand their online presence by creating another platform. They know that they current average 2,500,000 users each day, with a standard deviation of 625,000 users. If they randomly sample 50 days to analyze the use of their existing technology, identify each of the following, rounding to the nearest whole number if necessary:……………please follow the link below to purchase all the solutions at just $5
