A student commission wants to estimate the average amount of money spent by college students for textbooks in one semester. Suppose from past data they believe the population mean is $450 and the population standard deviation is $40. - If a random sample of 625 students is taken, what is the probability that the average amount of money spent on books will be greater $454? Answer in a complete sentence in context including the probability either as a decimal rounded to 4 places or a % rounded to 2 decimal places. - Is a sample resulting in a mean value $454 an unusually high amount of money for a sample of 625 students to spend on books? Answer in a complete sentence in context including what about the probability led you to this decision. -Based on this sample result of $454 spent by the sampled 625 students and your determination if this was unusual or not, what might you conclude about the student commission’s belief that all students spend $450 on average for books in one semester? Write your conclusion in a complete sentence in context (i.e. state what can be concluded based on this usual or unusual sample result?
A student commission wants to estimate the average amount of money spent by college students for textbooks in one semester. Suppose from past data they believe the population mean is $450 and the population standard deviation is $40.
- If a random sample of 625 students is taken, what is the probability that the average amount of money spent on books will be greater $454? Answer in a complete sentence in context including the probability either as a decimal rounded to 4 places or a % rounded to 2 decimal places.
- Is a sample resulting in a
-Based on this sample result of $454 spent by the sampled 625 students and your determination if this was unusual or not, what might you conclude about the student commission’s belief that all students spend $450 on average for books in one semester? Write your conclusion in a complete sentence in context (i.e. state what can be concluded based on this usual or unusual sample result?)
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