What is the probability that the sample mean

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Reference no: EM1321495

Q. The population mean for the cost of a new one family home is $166,500. Assume that the population standard deviation is $42,000 also that a sample of 100 new one family homes will be selected.

a) Show the sampling allocation of the sample mean cost for new homes based on the sample of 100.

b) Illustrate what is the probability that the sample mean for the 100 new homes will be within $10,000 of the population mean?

c) Repeat part (b) for values $5000, $2500, $1000.

d) To estimate the population mean cost to within +- $2500 or +-$1000, illustrate what would you recommend?

Reference no: EM1321495

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