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

Projectile motion, A fox fleeing from a hunter encounters a 0.730 m tall fe...

A fox fleeing from a hunter encounters a 0.730 m tall fence and attempts to jump it. The fox jumps with an initial velocity of 7.10 m/s at an angle of 45.0°, beginning the jump 2.1

Spatial ability test and musical ability test, This question has multiple p...

This question has multiple parts. Use the following information to answer the questions below: Spatial Ability Test Musical Ability Test Mean 80 74 Standard Deviation 6

Treatment of cst and vat, Treatment of CST and VAT in Sales Book A suppl...

Treatment of CST and VAT in Sales Book A supplier who expenses the CST for inter declares purchase by him, is responsible to first deposit the gathered CST from bought to Got Co

Management accounting, Defination,Advantages and Limitation, Proper Managem...

Defination,Advantages and Limitation, Proper Management of company,

Accrue definition in accounts, To history income and expenditures/expenses ...

To history income and expenditures/expenses when they connect with the identification requirements of the finance form engaged regardless of when the money action happens.

Compute the value of beta - simple linear regression , Simple Linear Regres...

Simple Linear Regression One measure of the risk or volatility of an individual stock is the standard deviation of the total return (capital appreciation plus dividends) over

What is a purchase return, What is a purchase return? A buy purchase re...

What is a purchase return? A buy purchase return occurs when a buyer profits products that it has bought from a provider. Under the regular inventory system, the cost of the

accounting, Fenn Museum, a nongovernmental not-for-profit organization, ha...

Fenn Museum, a nongovernmental not-for-profit organization, had the following balances in its statement of functional expenses: Education $300,000 Fundraising 250,000 Management an

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