Standard deviation of the sample - normal distribution, Basic Statistics

Assignment Help:

Imagine that a sample of 400 rental units shows that (i) the distribution of rents paid per month is not described by a normal distribution,

(ii) that the mean rent of the sample is $755, and (iii) the standard deviation of the sample is $100.

a) Without seeing the distribution, can you calculate the probability that the rent of a randomly selected unit will be greater than $800? If yes, calculate the probability; if no, explain.

b) Without seeing the distribution, can you calculate the probability that the mean rent of another sample of 400 units will be greater than $800? If yes, calculate the probability; if no, explain.

c) Why is the answer to (b) only an estimate? (What two numbers about the entire population are you not sure of?)


Related Discussions:- Standard deviation of the sample - normal distribution

General journal, Can you do my accounting assignment?

Can you do my accounting assignment?

Calculating a confidence interval for the proportion, To study what fractio...

To study what fraction of houses for sale in Victoria has a finished basement, a researcher selected a random sample of 20 houses that were on the market. It was found that 11 of t

Calculate operational variances -planning variances, You have recently join...

You have recently joined XYZ, an international company that produces a wide range of office supplies and stationary goods. In your new role as Group Management Accountant your firs

What after the implementation of ifrs, What after the implementation of IFR...

What after the implementation of IFRS?  Manager 1: IFRS is only the first step towards the change that the SEC is trying to bring in. Firstly it is going to take a couple of year

Ch 7 , .A study of long term phone calls made from general electricss corpo...

.A study of long term phone calls made from general electricss corporate headquarters in fairfeild, conneticuit, revealed the length of the calls, in minutes follows the normal pro

Mean, It is a numerical average, as equal to the sum of terms in a given se...

It is a numerical average, as equal to the sum of terms in a given series divided by the number of terms in that series is the mean which is also called the expected value.

Strategy nash equilibrium, Consider a population of consumers uniformly dis...

Consider a population of consumers uniformly distributed along the interval from left-hand (x = 0) to right-hand (x=1). The mass of consumers is 1. There are two firms (F1 and F2)

Definition, Definition of statistics according to Prof. Ya lu chan

Definition of statistics according to Prof. Ya lu chan

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd