a. For (samples of 75 homes/the 75 homes samples) the mean and standard deviatio

Question

a. For (samples of 75 homes/the 75 homes samples) the mean and standard deviation of (the prices of the mobile homes/all possible sample mean prices) are...

b. ... the mean and standard deviation of (all possible sample mean prices/the prices of the mobile homes) are...

According to a recent publication, the mean price of new mobile homes is $69,000. Assume a standard deviation of $7000. Let x denote the mean price of a sample of new mobile homes. a. For samples of size 75, find the mean and standard deviation of x. Interpret your results in words. b. Repeat part (a) with n 150 v are and respectively. a. For the mean and standard deviation of (Round to the nearest cent as needed.) v are s and s respectively. b. For the mean and standard deviation of (Rounc the 150 mobile homes sampled, samples of 150 mobile homes,

Explanation / Answer

Part a

Point estimate for mean for sampling distribution = µ = 69000

We are given population SD = = 7000

Estimate for Standard deviation for sampling distribution = / sqrt(n) where n is the sample size.

We are given sample size = n = 75

Estimate for standard deviation = 7000/sqrt(75) = 808.2903769

Answer:

For samples of 75 mobile homes, the mean and standard deviation of all possible sample mean prices are $69000 and $808.29 respectively.

Part b

Point estimate for mean for sampling distribution = µ = 69000

We are given population SD = = 7000

Estimate for Standard deviation for sampling distribution = / sqrt(n) where n is the sample size.

We are given sample size = n = 150

Estimate for standard deviation = 7000/sqrt(150) = 571.5476066

Answer:

For samples of 150 mobile homes, the mean and standard deviation of all possible sample mean prices are $69000 and $571.55 respectively.

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