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2. ABC Inc. carries inventory of 2000 items. The population standard deviation for the cost of...

2. ABC Inc. carries inventory of 2000 items. The population standard deviation for the cost of the inventory is σ = 144. A consultant recommends that the company takes a sample of 160 items from its inventory to estimate the average cost per item. Please answer the following questions:

a. What is the standard error of the sampling distribution of ?̅ ?

b. What is the probability that the sample mean will be within ±25 of the population mean µ?

Math   Statistics-And-Probability   
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