Suppose that the incomes of all people in the United States who own hybrid (gas and electric) automobiles are normally distributed with a mean of $78,000 and a standard deviation of $7800. Let be the mean income of a random sample of 40 owners of such automobiles. Calculate the mean and standard deviation of and describe the shape of its sampling distribution.

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A:

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A: Given Data :

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Q: Find the mean and standard deviation of the sampling distribution of x

A: Given that sample size is n = 36 Mean = 71 And SD = 24

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A: 1000 0.6 600 1000000 600000 1200 0.3 360 1440000 432000 1500 0.1 150 2250000 225000

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A: The comparison of sd of sample to the sd of the population is as follows:

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A:

Q: which value of л would it be safe to assume the sampling distribution of Y is approximately normal?

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A:

Q: Consider the distribution below. Compute for the mean and variance. 10 20 30 40 50 P(x) 5% 5% 25%…

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Q: As the sample size n increases, the standard deviation of the sampling distribution decreases.

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Q: Compute each of the single-variable statistics discussed in class for the data below:   84.7 58.2…

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.