In: Statistics and Probability
The average ticket price for a Spring Training baseball game is $31.46, with a standard deviation of $8.46. In a random sample of 40 Spring Training tickets, find the probability that the mean ticket price exceeds $34. (Round your answer to three decimal places)
Solution :
Given that,
mean = = 100
standard deviation = = 8.46
n = 40
= 31.46
= / n = 8.46 40 = 1.3376
P ( > 34)
= 1 - P ( < 34 )
= 1 - P ( - / ) < ( 34 - 31.46 / 1.3376)
= 1 - P ( z < 2.54 / 1.3376 )
= 1 - P ( z < 1.90 )
Using z table
= 1 - 0.9713
=0.0287
Probability = 0.0287