Question

In: Statistics and Probability

1. A forester measured a sample of trees in a tract of land being sold for...

1. A forester measured a sample of trees in a tract of land being sold for a lumber harvest. Among 27 trees, she found a mean diameter of 10.4 inches and a standard deviation of 4.7 inches. Suppose her sample gives an accurate representation of the entire tract of land and that the tree diameters follow a normal distribution. Round to 2 decimal places, when applicable.

(a) Sketch a graph of the distribution of tree diameters, labeling the mean and one standard deviation in either direction.

(b) What diameter would you expect the central 95% of trees to be?

(c) What percentage of trees should be less than 1 inch in diameter?

(d) What percentage of trees should be between 10.4 and 19.8 inches in diameter?

(e) What is the minimum diameter a tree can have in order to be placed in the top 5% of all such trees on the tract regarding their size?

(f) Suppose the forester looked at another tract of land and found that those tree’s diameters also followed a normal distribution with a mean diameter of 12.3 inches with a standard deviation of 2.25 inches. Would it be more unusual to find a tree with a diameter of 15 inches in the first tract of land described or in the second one described in this part? Hint: use z-scores. You must support your work mathematically for full credit, simply saying “1st tract” or “2nd tract” is not sufficient.

Solutions

Expert Solution

Given = 10.4, = 4.7

To find the probability, we need to find the z scores.

____________________

(a) In a normal (bell curved) distribution, the mean would be at the center and the rest of the distribution would have values to the left and to the right. One standard deviation to the right of the mean = 10.4 + 4.7 = 15.1 inches and one standard deviation to the left would be 10.4 - 4.7 = 5.7 inches. The diagram is given below

__________________

(b) 95% of all diameters centered about the mean.

This means that the remaining 5% will be distributed equally to the right and the left = 0.05/2 = 0.025

So the lower p value = 0.025 and the Upper p value = 1 - 0.025 = 0.975

The Z score at p = 0.025 and 0.975 are -1.96 and +1.96 respectively.

The Lower value: (X - 10.4) / 4.7 = -1.96. Solving for X, X = (-1.96 * 4.7) + 10.4 = 1.19 inches

The Upper value: (X - 10.4) / 4.7 = 1.96. Solving for X, X = (1.96 * 4.7) + 10.4 = 19.61 inches

Therefore 95% will be distributed about 1.19 < X < 19.61

_________________________________________

(c) For P( X < 1)

Z = (1 – 10.4) / 4.7 = -2.00

The required percentage from the normal distribution tables is = 0.0228 * 100 = 2.28%

__________________________________________________________

(d) Between 10.4 and 19.8 = P(10.4 < X < 19.8) = P(X <19.8) - P(X < 10.4)

For P(X < 19.8) ; z = (19.8 - 10.4) / 4.7 = 2. The p value at this score is = 0.9772

For P(X < 10.4) ; z = (10.4 - 10.4) / 4.7 = 0. The p value at this score is = 0.5

Therefore the required percentage is (0.9772 – 0.5) * 100 = 0.4772 * 100 = 47.72%

________________________________________________________

(e) To be in the top 5%, therefore 95% will be below this value.

To find P(X < x) = 0.95

From the standard normal distribution table, the z score at a p value of 0.95 Is 1.645

Therefore 1.645 = (X – 10.4) / 4.7

Solving for X, we get X = (1.645 * 4.7) + 10.4 = 18.13 inches

_______________________

(f) For the 1st Tract, For P(X < 15); z = (15 - 10.4) / 4.7 = 0.98.

For the 2nd Tract, For P(X < 15); z = (15 - 12.3) / 2.25 = 1.2.

Since the z score for Tract 2 is greater (Which means it is further away from the mean by 1.2 SD as compared to 0.98 SD in Tract 1), it is more unusual in tract 2.

_________________________


Related Solutions

A forester measured 27 of the trees in a large forest on property that is for...
A forester measured 27 of the trees in a large forest on property that is for sale. He found a mean diameter of 10.4 inches and a standard deviation of 4.7 inches. Suppose that these trees provide an accurate description of the whole forest and that a Normal model applies.Determine:a) the percent of trees that has a diameter between 10.4 and 16.0 inches.b) the percent of trees that has a diameter greater than 16.0 inches. c) the percent of trees...
A forester measured 20 of the trees in a large woods that is up for sale....
A forester measured 20 of the trees in a large woods that is up for sale. He found that their mean diameter was 191 inches and their standard deviation 22.4 inches. Suppose that these trees provide an accurate description of the whole forest and that the diameter of the tree follows a normal distribution. Find the following: a) What percentage of trees would be above 191 inches in diameter? b) What percentage of trees would be between 180 and 190...
Last year Salvador sold a tract of land (basis of $1 million) to Kate (an unrelated...
Last year Salvador sold a tract of land (basis of $1 million) to Kate (an unrelated party) for $4 million, with a cash down payment of $1 million and notes for the balance. The notes carry a 3.5% rate of interest and mature annually at $1 million each over three years. Salvador did not select out of the installment method. Before any of the notes mature and when they have a fair market value of $2.8 million, Salvador dies and...
1. Rangers took a random sample of live aspen trees and measured the base circumference of...
1. Rangers took a random sample of live aspen trees and measured the base circumference of each tree. The sample had 50 trees with a mean circumference of 15.57 inches. a. Find a 95% confidence interval for the population mean base circumference of all aspen trees in Roosevelt National Forest. Assume that the population standard deviation is 4.78 inches. You must show work for full credit. b. Would the 90% confidence interval for the population mean base circumference of aspen...
On December 15, 2011, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for...
On December 15, 2011, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance in two equal annual installments payable on December 15, 2012, and December 15, 2013. Ignore interest charges. Rigsby has a December 31 year-end. Required: What amount of “Deferred Gross Profit” should be reported by Rigsby would in its 2012 Balance...
The Elcorn Company traded a tract of land to Sanchez Development for a similar tract of...
The Elcorn Company traded a tract of land to Sanchez Development for a similar tract of land. The old land had a book value of $2,500,000 and a fair value of $4,500,000. To equalize the fair values of the assets exchanged, in addition to the land, Elcorn paid Sanchez $500,000 in cash. This means that the fair value of the land acquired is $5,000,000. My teacher has informed me that there is no commercial substance in this problem. If it...
1)In a sample of 300 trees on someone’s orchard, A proportion of 0.78 were peach trees....
1)In a sample of 300 trees on someone’s orchard, A proportion of 0.78 were peach trees. Construct a 90% confidence interval for the total population proportion of peach trees in the entire orchard 2) Suppose A is the lower bound of the confidence interval you calculated in the previous problem. If you instead calculated a 99% confidence interval, would your lower bound be less than A or greater than A?
Oriole Realty Corporation purchased a tract of unimproved land for $132,000. This land was improved and...
Oriole Realty Corporation purchased a tract of unimproved land for $132,000. This land was improved and subdivided into building lots at an additional cost of $82,704. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows. Group No. of Lots Price per Lot 1 9 $7,200 2 15 9,600 3 17 5,760 Operating expenses for the year allocated to this project total $43,680. Lots unsold at...
Larkspur Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved and...
Larkspur Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved and subdivided into building lots at an additional cost of $30,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows. Group No. of Lots Price per Lot 1 8 $3,600 2 17 4,800 3 15 2,880 Operating expenses for the year allocated to this project total $17,000. Lots unsold at...
Shamrock Realty Corporation purchased a tract of unimproved land for $54,000. This land was improved and...
Shamrock Realty Corporation purchased a tract of unimproved land for $54,000. This land was improved and subdivided into building lots at an additional cost of $29,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows. Group No. of Lots Price per Lot 1 9 $3,300 2 17 4,400 3 19 2,640 Operating expenses for the year allocated to this project total $18,000. Lots unsold at...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT