The average production cost for major movies is 59 million dollars and the standard deviation is 20 million dollars. Assume the production cost distribution is normal. Suppose that 14 randomly selected major movies are researched. Answer the following questions. Round all answers to 4 decimal places where possible.
Given that, mean = 59 million dollars
standard deviation = 20 million dollars
a) X ~ N(59, 20)
b) sample size = 14
Mean and standard deviation of the sampling distribution of sample mean are,
Therefore,
c) We want to find, P(57 < X < 59)
Therefore, required probability is 0.0398
d) sample size = 14, we want to find,
Therefore, required probability is 0.1443
e) Yes, the assumption of normal is necessary.
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