Discuss the below:
Q1: An economist wishes to estimate the average family income in a certain population. The population standard deviation is known to be $4,500, and the economist uses a random sample of size = 225.
a. What is the probability that the sample mean will fall within $800 of the population mean?
b. What is the probability that the sample mean will exceed the population mean by more than $600.
Q2: The article "Reliability of Domestic Waste Biofilm Reactors" (J. of Envir. Engr., 1995: 785-790) suggests that substrate concentration (mg/cm^3) of influent to a reactor is normally distributed with μ= 0.30 and σ = 0.06.
a. What is the probability that the concentration exceeds 0.40?
b. What is the probability that the concentration is at most 0.25?
c. How would you characterize the largest 10% of all concentration levels?