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| PAGE: 692 | SET: Select | PROBLEM: 1 |
(a)
Random sample for Column craze is 
.
Average price for Column craze is 
.
Assume that standard deviation is 
.
Find the probability that mean price is more than 
Find 
.
Standard deviation of a sample mean is 
.
Substitute 
and 
in the formula.
.
Use the 
-value formula for a sample mean to find the -value for 
.
-value formula: 
.
Substitute , 
and .
.
Using -score calculator:
The area for 
is 
.
Area to the right side of Probability that mean price is more than is 
. is 
.
(b)
Random sample for Space race is 
.
Average price for Space race is 
.
Assume that standard deviation is 
.
Standard deviation of a sample mean is .
Substitute 
and 
in the formula.
.
Find the probability that mean price is between 
and 
.
Find -value for 
.
-value formula: .
Substitute 
, 
and .
.
Using score calculator:
The area for 
is 
.
Find -value for 
.
-value formula: .
Substitute 
, and 
.
.
Using -score calculator:
The area for 
is 
.
Area between the -scores and is 
.
Probability that mean price between and is 
.
(a) Probability that mean price is more than is .
(b) Probability that mean price between and is 
.
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