A car dealership looks back at their previous year’s sales records. Last year, the dealership sold 422 vehicles. The mean sales price was $24,500 with a standard deviation of $12,875. The dealership also discovered that the distribution of the sales prices is skewed to the right. If the dealership were to select repeated random samples of 40 vehicles from the population of all vehicles sold last year and calculate the average sale price for each sample of 40, which of the following gives the correct mean and standard deviation of the sampling distribution of the sample mean? (A) Mean = $24,500, Standard deviation = \frac{12,875}{\sqrt{40}}4012,875 (B) Mean = $24,500, Standard deviation = \frac{12,875}{40}4012,875 (C) Mean = \frac{24,000}{\sqrt{40}}4024,000, Standard deviation = 12,875 (D) Mean = \frac{24,000}{40}4024,000, Standard deviation = 12,875 (E) Cannot be determined because the sample size is small.
A car dealership looks back at their previous year’s sales records. Last year, the dealership sold 422 vehicles. The mean sales price was $24,500 with a standard deviation of $12,875. The dealership also discovered that the distribution of the sales prices is skewed to the right. If the dealership were to select repeated random samples of 40 vehicles from the population of all vehicles sold last year and calculate the average sale price for each sample of 40, which of the following gives the correct mean and standard deviation of the sampling distribution of the sample mean? (A) Mean = $24,500, Standard deviation = \frac{12,875}{\sqrt{40}}4012,875 (B) Mean = $24,500, Standard deviation = \frac{12,875}{40}4012,875 (C) Mean = \frac{24,000}{\sqrt{40}}4024,000, Standard deviation = 12,875 (D) Mean = \frac{24,000}{40}4024,000, Standard deviation = 12,875 (E) Cannot be determined because the sample size is small.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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A car dealership looks back at their previous year’s sales records. Last year, the dealership sold 422 vehicles. The mean sales price was $24,500 with a standard deviation of $12,875. The dealership also discovered that the distribution of the sales prices is skewed to the right. If the dealership were to select repeated random samples of 40 vehicles from the population of all vehicles sold last year and calculate the average sale price for each sample of 40, which of the following gives the correct mean and standard deviation of the sampling distribution of the sample mean?
- (A) Mean = $24,500, Standard deviation = \frac{12,875}{\sqrt{40}}4012,875
- (B) Mean = $24,500, Standard deviation = \frac{12,875}{40}4012,875
- (C) Mean = \frac{24,000}{\sqrt{40}}4024,000, Standard deviation = 12,875
- (D) Mean = \frac{24,000}{40}4024,000, Standard deviation = 12,875
- (E) Cannot be determined because the sample size is small.
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