1) Students of a large university spend an average of $10 a day on lunch. The standard deviation of the expenditure is $3. A simple random sample of 36 students is taken.
Solution :
a.
expected Value = E( X ) = μ = $10
standard deviation = σ / sqrt ( n ) = $3 / sqrt(36) = 0.50
shape of the sampling distribution of the sample mean : Approximately normal with mean $10 and standard deviation $0.50
b.
What is the probability that the sample mean will be at least $9.00?
P( x bar >= $9.00) = P( Z >= (9-10)/0.5)
= P( Z > -2 )
= 0.9772
c.
What is the probability that the sample mean will be greater than $10.50?
P( x bar > $10.50) = P( Z >= (10.50-10)/0.5)
= P( Z > 1 )
= 0.1587
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