Question

According to a recent​ publication, the mean price of new mobile homes is ​$63,100. Assume a standard deviation of ​$7700. Let x overbar denote the mean price of a sample of new mobile homes.

a. For samples of size 75​, find the mean and standard deviation of x overbar. Interpret your results in words.

b. Repeat part​ (a) with n=150

For blank ("the 75 mobile home sampled" or "samples of the 75 homes") the mean and the standard deviation of ("all possible sample mean prices" or "the prices of the mobile homes" are $ blank and $blank, respectively

For blank("the 150 mobile home sampled" or "samples of the 150 homes") the mean and the standard deviation of ("all prices of the mobile homes" or "all possible sample mean prices" are $ blank and $blank, respectively

Answer 1

a. As sample size is 75>30, as per central limit theorem distribution of sample mean is normal with mean= and standard deviation is

For the 75 mobile home sampled the mean and the standard deviation of all possible sample mean prices are $ 63100 and $889.1194, respectively

b. As sample size is 150>30, as per central limit theorem distribution of sample mean is normal with mean= and standard deviation is

For the 150 mobile home sampled the mean and the standard deviation of all possible sample mean prices are $ 63100 and $628.7024, respectively