Median sales price of new homes

Reference no: EM13100183

The U.S.Census Bureau announced that the median sales price of new homes sold i April 2009 was $221,660, and the mean sales price waas $274,300. Assume that the standard deviation of the prices is $90,000.

a. If you selected samples of n=2, describe the shape of the sampling distribution of X*

b. If you select samples of n=100, describe the shape of the sampling distribution of X*.

c. If you select a random sample of n=100, what is the probability that the sample mean will be less than $300,000?

d. If you select a random sample of n=100 what is the probability that the sample mean will be between $275,000 and $290,000?

Reference no: EM13100183

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