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?)

Posted Date: 3/30/2013 5:50:04 AM | Location : United States

Ask an Expert

Related Discussions:- Standard deviation of the sample - normal distribution, Assignment Help, Ask Question on Standard deviation of the sample - normal distribution, Get Answer, Expert's Help, Standard deviation of the sample - normal distribution Discussions

Write discussion on Standard deviation of the sample - normal distribution
Your posts are moderated

Write your message here..

Related Questions

Factor anaylsis statistical method , First of all, thank you very much for ... First of all, thank you very much for your help. I have a mixes data base, categorial variable, liclekt scale on 5 and 4, and continous variable, and several dummy. I would need h

Define Manufacturing Overhead Costs, In the financial statements, each prod... In the financial statements, each product must include the costs of the given below: Direct labor Direct material Manufacturing or factory overhead The costs that would typically b

Earliest due date, Q1.(i)   A manufacturing firm has previously sequenced i... Q1.(i)   A manufacturing firm has previously sequenced its jobs using the "Shortest Operation Time" (SOT) rule.  This has resulted in poor delivery performance with many jobs being

What is the lm and is curve, Consider an economy specified by the following... Consider an economy specified by the following:       Y = PE = C + I + G + NX                            (Income identity)       C = 400 + 0.9YD

Spss assignment, Hi I have an assignment due of business statics on spss so... Hi I have an assignment due of business statics on spss software

Financial sales, Financial sales and building sensible financial help C... Financial sales and building sensible financial help Conceptual structure can be identified as a structure. It is a structured design of connected goals and fundamental concept

Transitioning from gaap to ifrs, How important do you think knowledge trans... How important do you think knowledge transfer and training will be to help in transitioning from GAAP to IFRS? Manager 1: Knowledge transfer is going to be extremely importan

Balance sheet-actual reserves , (a)   The bank's excess reserves are its ac... (a)   The bank's excess reserves are its actual reserves less required reserves. Actual reserves are given as $450 from its balance sheet. Required reserves are given by the produc

Draw a scatter diagram relating cigarette, The following data relating ciga... The following data relating cigarette smoking and death rates for lung cancers in 14 states in the USA. The data are based in part on records concerning 1960 cigarette tax receipts

Calculate permanent income, Suppose that permanent income, YP (t) is calcu... Suppose that permanent income, YP (t) is calculated as the average of disposable income (YD t ) over the past 5 years, that is: YP (t) = 0.2(YD t + YD t-1 + YD t-2 + YD t-3