A manager of a company has been provided the following information on daily sales by the...

A manager of a company has been provided the following information on daily sales by the Economic Statistics division of the company. The population mean (µ) is $51,800 and the population standard deviation (σ) is $4000. The population has a normal distribution.

a. Based on a random sample of 64 draw a diagram of the sampling distribution of x-bar . Be sure to label the axis and clearly explain the important features of the sampling distribution you have drawn.

b. What is the probability that the sample mean computed using a simple random sample of 64 will be within $500 of the population mean?

c. Shade the area in your diagram in part (a) that represents the probability you calculated in part (b).

d. Draw two sampling distributions, one for a sample size of 64 and one for a sample size of 100. Explain how increasing the sample size from 64 to 100 will affect the probability of being within $500 of the population mean.

Expert Solution

orchestra answered 2 years ago

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