Question

According to a recent publication, the mean price of new mobile homes is $60,200. Assume standard deviation of $7600. Let x denote the mean price of a sample of new mobile homes. a. For samples of size 25, find the mean and standard deviation of x. Interpret your results in words. b. Repeat part (a) with n= 50. Vare $ and $ respectively. a. For the mean and standard deviation of (Round to the nearest cent as needed.) V are $ and $ , respectively. b. For the mean and standard deviation of (Round to the nearest cent as needed.)

Answer 1

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Solo- given Meances= 60,200 Standard devation 6 ) = 7600 (a) for n=25 Mean X=Mz 160,200 stand der of 7600 125 1520 Vn For For n=25 the mean& stand der of new mobile homes/60200 and 1520 res b)'in = 50 Mean X = = = 60,200 stud.dev ozi 7600 For n=50 = 1075 Vn V50 the meand stad.der of new mobile homes are 60200 and 1075] respectivity