Question
In: Statistics and Probability
The average production cost for major movies is 61 million dollars and the standard deviation is...
The average production cost for major movies is 61 million dollars and the standard deviation is 23 million dollars. Assume the production cost distribution is normal. Suppose that 38 randomly selected major movies are researched. Answer the following questions. Give your answers in millions of dollars, not dollars. Round all answers to 4 decimal places where possible.
- What is the distribution of XX? XX ~ N(,)
- What is the distribution of ¯xx¯? ¯xx¯ ~ N(,)
- For a single randomly selected movie, find the probability that this movie's production cost is between 58 and 61 million dollars.
- For the group of 38 movies, find the probability that the average production cost is between 58 and 61 million dollars.
- For part d), is the assumption of normal necessar
Solutions
Expert Solution
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Refer Z-table to find the probability or use excel formula "=NORM.S.DIST(0.00, TRUE)" & "=NORM.S.DIST(-0.13, TRUE)" to find the probability.
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Refer Z-table to find the probability or use excel formula "=NORM.S.DIST(0.00, TRUE)" & "=NORM.S.DIST(-0.80, TRUE)" to find the probability.
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orchestra answered 2 years agoRelated Solutions
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