Find the mean and standard deviation of the sale prices

Reference no: EM131394433

Recall that the beef cattle described in Exercise 19 had a mean weight of 1152 pounds, with a standard deviation of 84 pounds.

a) Cattle buyers hope that yearling Angus steers will weigh at least 1000 pounds. To see how much over (or under) that goal the cattle are, we could subtract 1000 pounds from all the weights. What would the new mean and standard deviation be?

b) Suppose such cattle sell at auction for 40 cents a pound. Find the mean and standard deviation of the sale prices for all the steers.

Reference no: EM131394433

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