Assuming normality what is the probability of getting a


Question: Someone claims that within a certain neighborhood, the average cost of a house is µ =$100,000 with a standard deviation of σ = $10,000. Suppose that based on n = 16 homes, you find that the average cost of a house is X¯ = $95,000. Assuming normality, what is the probability of getting a sample mean this low or lower if the claims about the mean and standard deviation are true?

Solution Preview :

Prepared by a verified Expert
Basic Statistics: Assuming normality what is the probability of getting a
Reference No:- TGS02511778

Now Priced at $15 (50% Discount)

Recommended (96%)

Rated (4.8/5)