This Question: 1 pt 30f 8 (2 complete) This Quiz: 8 pts possible The mean value

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This Question: 1 pt 30f 8 (2 complete) This Quiz: 8 pts possible The mean value of land and buildings per acre from a sample of farms is $1400, with a standard deviation of $100. The data set has a bell-shaped distribution. Assume the number of farms in the sample is 71. (a) Use the empirical rule to estimate the number of farms whose land and building values per acre are between $1300 and $1500 farms (Round to the nearest whole number as needed.) (b) If 21 additional farms were sampled, about how many of these additional farms would you expect to have land and building values between $1300 per acre and $1500 per acre? farms out of 21 (Round to the nearest whole number as needed.) Enter your answer in each of the answer boxes.

Explanation / Answer

Mean = 1400

Sd = 100

A) P(1300 < X < 1500) = P((1300-1400)/100 < Z < (1500-1400)/100)

= P(-1 < Z < 1)

= 0.68

n = 71

Number of firms = n * p = 71 * 0.68 = 48.28 or 48 (approximately)

B) n = 21

Number of firms = 21 * 0.68 = 14.28 = 14 (approximately)

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