The Real Estate Group NY reports that the mean monthly rent for a one-bedroom apartment without a doorman in Manhattan is $2631. Assume the standard deviation is $500. A real estate firm samples 100 apartments. (a) What is the probability that an individual apartment would have a rent greater than $2800? Based on your answer, do you think it would be unusual for an individual apartment to have a rent greater than $2800? Explain. (b) What is the probability that the sample mean would be greater than $2800? Based on your answer, do you think it would be unusual if the sample mean were greater than $2800? Explain.
The Real Estate Group NY reports that the mean monthly rent for a one-bedroom apartment without a doorman in Manhattan is $2631. Assume the standard deviation is $500. A real estate firm samples 100 apartments. (a) What is the probability that an individual apartment would have a rent greater than $2800? Based on your answer, do you think it would be unusual for an individual apartment to have a rent greater than $2800? Explain. (b) What is the probability that the sample mean would be greater than $2800? Based on your answer, do you think it would be unusual if the sample mean were greater than $2800? Explain.
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
Related questions
Question
Just need a
Expert Solution
Step 1
The normal distribution is the most useful theoretical distribution for continuous variables.
For the normal distribution,
Mean = μ and
Standard deviation = σ, symbolically we write.
Given,
Population mean = μ = 1631
Population standard deviation = σ = 500
Sample size = n = 100
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill