Question
In: Statistics and Probability
A consumer price analyst claims that prices for liquid crystal display (LCD) computer monitors have a...
A consumer price analyst claims that prices for liquid crystal display (LCD) computer monitors have a mean of $ 170 and a standard deviation of $ 47.
2. You randomly selected 25 LCD compute monitors. What is the probability that their mean cost is less than $ 180? Assume here that the prices are normally distributed
3. You randomly selected 64 LCD compute monitors. What is the probability that their mean cost is less than $ 180?
Solutions
Expert Solution
Solution :
2)
=
/ 
n = 47 /
25 = 9.4
P(
< 180) = P((
- 
) /
< (180 - 170) / 9.4)
= P(z < 1.064)
= 0.8563
Probability = 0.8563
3)
=
/
n = 47 /
64 = 5.875
P(
< 180) = P((
-
) /
< (180 - 170) / 5.875)
= P(z < 1.702)
= 0.9556
Probability = 0.9556
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