Question

In: Statistics and Probability

According to the census bureau publication: current construction reports, the mean price of new mobile homes...

According to the census bureau publication: current construction reports, the mean price of new mobile homes is 63,500. The standard deviation of the prices is 5,500.

a). For samples 100 new mobile homes, determine the mean and standard deviation of all possible sample mean prices (hint: find u-_x and o-_x)

b). Repeat part a for samples of size 200

Expert Solution

Solution :

Given that ,

mean = = 63500

standard deviation = = 5500

a) n = 100

= = 63500

= / n = 5500/ 100 = 550

Given that ,

b) n = 200

= = 63500

= / n = 5500 / 200 = 388.91

orchestra answered 1 year ago

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