Question: The U.S. Census Bureau announced that the median sales price of new houses sold in March 2006 was $224,200, while the mean sales price was $279,100 (www.census.gov/newhomesales, April 26, 2006). Assume that the standard deviation of the prices is $90,000.
a. If you select samples of n = 2, describe the shape of the sampling distribution of x.
b. If you select samples of n = 100, describe the shape of the sampling distribution of x.
c. If you select a random sample of n = 100, what is the probability that the sample mean will be less than $250,000?