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Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $110,000. This distribution is positively skewed. The standard deviation of the population is not known.
a. A random sample of 50 households revealed a mean of $112,000 and a standard deviation of $40,000. What is the standard error of the mean?b. Suppose that you selected 50 samples of households. What is the expected shape of the distribution of the sample mean?c. What is the likelihood of selecting a sample with a mean of at least $112,000?d. What is the likelihood of selecting a sample with a mean of more than $100,000?e. Find the likelihood of selecting a sample with a mean of more than $100,000 but less than $112,000.
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The Normal distribution with mean 130 gallons and standard deviation 12 gallons. On a randomly selected day, the probability that the store sells at least 154 gallons is?
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Determine the 95 percent confidence interval and the 95 percent prediction interval for the selling price of a home with 2,200 square feet.
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A state executive claims that the average number of acres in western Pennsylvania State Park is less than 2000 acres. A random sample of five parks is selected, and the number of acres is shown. At alpha=.01, is there enough evidence to support th..
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