The mean selling price of senior condominium in Green Valley over a year was $215,000. The...

The mean selling price of senior condominium in Green Valley over a year was $215,000. The population standard deviation was $25,000. A random sample of 100 new unit sales was obtained

a. What is the probability that the sample mean selling price was more than $210,000?

b. What is the probability that the sample mean selling price was between $213,000 and $217,000?

c. What is the probability that the sample mean selling price was between $214,000 and $216,000?

d. Without doing the calculations, state in which of the following ranges the sample mean is most likely to lie: $213,000–$215,000; $214,000–$216,000; $215,000–$217,000, or $216,000–$218,000.

e. Suppose that, after you had done these calculations, a friend asserted that the population distribution of selling prices of senior condominiums in Green Valley was almost certainly not normal. How would you respond?

Solutions

Expert Solution

orchestra answered 1 year ago

Next > < Previous

Related Solutions

Green Valley Company prepared the following trial balance at the end of its first year of...

Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Debit Credit Cash 24 Accounts receivable 21 Prepaid insurance 16 Machinery 83 Accumulated depreciation Accounts payable 17 Wages payable Income taxes payable Common stock (4,000 shares) 4 Additional paid-in capital 63 Retained earnings 15 Revenues (not detailed) 106 Expenses (not detailed) 31 Totals 190 190...

Green Valley Company prepared the following trial balance at the end of its first year of...

Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Debit Credit Cash 22 Accounts receivable 19 Prepaid insurance 14 Machinery 81 Accumulated depreciation Accounts payable 15 Wages payable Income taxes payable Common stock (4,000 shares) 4 Additional paid-in capital 61 Retained earnings 13 Revenues (not detailed) 98 Expenses (not detailed) 29 Totals 178 178...

A buffet restaurant is considering offering a discounted price to senior citizens over age 60.

A buffet restaurant is considering offering a discounted price to senior citizens over age 60. The firm knows the elasticity of demand for senior citizens is -4 while the elasticity of demand for younger customers is -2. The marginal cost of a buffet meal is $7.5.What price should the restaurant charge older customers?What price should the restaurant charge younger customers?

Consider this income statement: Green Valley Nursing Home, Inc. Statement of Income Year Ended December 31,2011...

Consider this income statement: Green Valley Nursing Home, Inc. Statement of Income Year Ended December 31,2011 Revenue: Net patient service revenue $3,163,258 Other revenue 106,146 Total revenues $3,269,404 Expenses: Salaries and benefits $1,515,438 Medical supplies and drugs 966,781 Insurance and other 296,357 Provision for bad debts 110,000 Depreciation 85,000 Interest 206,780 Total expenses $3,180,356 Operating income $89,048 Provision for income taxes 31,167 Net income $57,881 1. WHAT IS THE PRIMARY DIFFERENCE 2. WHAT TYPE OF ENTITY IS GREEN VALLEY? 3....

A recent article in a local magazine indicated that the mean selling price of homes in...

A recent article in a local magazine indicated that the mean selling price of homes in the area is less than $232,000. Can we conclude that the mean selling price in the area is less than $232,000? Use the 0.01 significance level. {Use 232.0 as the value, not 232,000.} Assume the list is a sample. Price 263.1 182.4 242.1 213.6 139.9 245.4 327.2 271.8 221.1 266.6 292.4 209 270.8 246.1 194.4 281.3 172.7 207.5 198.9 209.3 252.3 192.9 209.3 345.3...

If a random sample of 20 homes south of a town has a mean selling price...

If a random sample of 20 homes south of a town has a mean selling price of $145,225 and a standard deviation of $4600, and a random sample of 20 homes north of a town has a mean selling price of $148,575 and a standard deviation of $5700, can you conclude that there is a significant difference between the selling price of homes in these two areas of the town at the 0.05 level? Assume normality. (a) Find t. (Round...

The daily selling price per 100 pounds of buffalo meat is normally distributed with a mean...

The daily selling price per 100 pounds of buffalo meat is normally distributed with a mean of 70 dollars, and the probability that the daily price is less than 85 dollars is 0.9332. Four days are chosen at random, what is the probability that at least one of the days has a price that exceeds 80 dollars?

Eagletron's current stock price is $10. Suppose that over the current year, the stock price will...

Eagletron's current stock price is $10. Suppose that over the current year, the stock price will either increase by 95% or decrease by 45%. Also, the risk-free rate is 25 %25% (EAR). a. What is the value today of a one-year at-the-money European put option on Eagletron stock? b. What is the value today of a one-year European put option on Eagletron stock with a strike price of $ 19.50$19.50? c. Suppose the put options in parts (a) and (b)...

A company sells 1,200 units during the first quarter of the year at a selling price...

A company sells 1,200 units during the first quarter of the year at a selling price of $25 per unit. In addition, the company has a beginning inventory of 600 units that were purchased at $10 per unit, and the following purchases and sales. Date Units sold Units purchased Cost per unit January 10 300 $11 January 25 450 February 7 400 $12 February 14 200 March 5 300 $14 March 27 550 If the company uses...

For the coming year, Cleves Company anticipates a unit selling price of $78, a unit variable...

For the coming year, Cleves Company anticipates a unit selling price of $78, a unit variable cost of $39, and fixed costs of $257,400. 3. Construct a cost-volume-profit chart, assuming maximum sales of 13,200 units within the relevant range. From your chart, indicate whether each of the following sales levels would produce a profit, a loss, or break-even. $717,600 $647,400 $514,800 $390,000 $312,000 Determine the probable income (loss) from operations if sales total 10,600 units. If required, use the minus...

Subjects