Calculate sample mean of retail prices paid for madden nfl

Assignment Help Basic Statistics
Reference no: EM131652417

Question: One of the top-selling video games continues to be Madden NFL 12. While prices vary widely depending on store or website, the suggested retail price for this video game is $59.95. The file titled Madden contains a random sample of the retail prices paid for Madden NFL 12.

a. Calculate the sample mean and standard deviation of retail prices paid for Madden NFL 12.

b. To determine if the average retail price has fallen, assume the population mean is $59.95, calculate the probability that a sample of size 200 would result in a sample mean no larger than the one calculated in part a. Assume that the sample standard deviation is representative of the population standard deviation.

c. In part b, you used $59.95 as the population mean. Calculate the probability required in part b assuming that the population mean is $59.50.

d. On the basis of your calculations in parts b and c, does it seem likely that the average retail price for Madden NFL 12 has decreased? Explain.

Reference no: EM131652417

Questions Cloud

Write a paper about cells molecules and biological molecules : write a 2 pages paper about cells, molecules, biological molecules and Chemistry & life. Those toxic hydrocarbons from cigarette will direct damage our DNA.
Determine the average cost of otc cough medicines : ACNielsen is a New York-based corporation and a member of the modern marketing research industry. One of the items that ACNielsen tracks is the expenditure.
Do you think trusty carpets should use big data : Do you think Trusty Carpets should use Big Data? If so how? If not, why not?
Describe what you believe would be a day in the life : HPR350 - Describe what you believe would be a day in the life of one of these individuals and Examine whether this is a potential job for you
Calculate sample mean of retail prices paid for madden nfl : One of the top-selling video games continues to be Madden NFL 12. While prices vary widely depending on store or website, the suggested retail price.
Prepare the necessary journal entry to record the conversion : On Dec 31 2017, ABC Co. has outstanding $500,000 face amount, Prepare the necessary journal entry to record the conversion of the bonds
Probability of observing the sample mean for sample data : The results of the latest sample are shown in the file called Acee Bottling. Based on the data in the sample.
Explore the national vital statistics system : Explain epidemiology and how, through its study, we can determine the factors affecting the health and illness of populations
Describe a scene in which a cultural difference exists : Describe a scene in which a cultural difference exists between characters and explain how that cultural difference affected their interaction.

Reviews

Write a Review

Basic Statistics Questions & Answers

  What graph would we display our information

What graph would we display our information if we have measured page thickness from a starting point in the book to a ending point and did this trial 10x. Is a histogram best?

  Calculate the mean and standard deviation

In a third group of patients (cohort 3), actively dividing cells were generated by performing a second rapid expansion via active cell transfer. Cell doubling times for cohort 3 were {0.9, 3.3, 1.2, 1.1} days. Calculate the mean and standard devia..

  Calculate the range-calculate mad

a. Calculate the range. b. Calculate MAD c. Calculate the sample variance. d. Calculate the sample standard deviation.

  A manufacturer claims that its televisions have an average

a manufacturer claims that its televisions have an average lifetime of at least five years 60 months with a population

  Find the probability distribution of the population

1. There are six combinations, or samples, of two grand prizes that can be randomly selected from the four grand prizes 20, 40, 60, and 80 thousand dollars. Four of these samples are (20, 40), (20, 60), (20, 80), and (40, 60). Find the other two ..

  Define contribution to firm profit from the sale of product

Find the mean and standard deviation of weekly contribution to the firm's profit from the sale of this product.

  Computation of confidence interval-sample size

Suppose a fast food restaurant wishes to estimate average sales volume for a new menu item. The restaurant has analyzed the sales of the item at a similar outlet and observed the following results:

  Is there necessarily a stable matching

Is there necessarily a stable matching under which Julius is matched to Messalina? Either prove this statement or provide a counter example.

  Minimum possible time required for completing project

What is the minimum possible time required for completing the project? What is the latest possible time that Activity D may be started without delaying the completion of the project?

  Home what is the method to prove a cumulative distribution

what is the method to prove a cumulative distribution function of frechet distribution?complete

  Compute the probability of an event

Compute the probability of an event that Base construction Inc does not bid on a randomly selected project, knowing that Olive Construction Inc bids.

  Probability of choosing prizes

A grab bag contains 10 $1 prizes, 7 $5 prizes, and 3 $20 prizes. three are chosen at random. find the probability that exactly two $20 prizes are chosen?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd