The US Census Bureau announce that the median sales price of new houses sold in April 2009 was $221,600 while the mean sales price was $274,300. Assume that the standard deviation of the prices is $90,000.
a) If you select samples of n=2, describe the shape of the sample distribution of Xbar.
b) If you select samples of n=100, describe the shape of the sample distribution of Xbar.
c) If you select a random sample of n=100, what is the probability that the sample mean will be less than $300,000?
d) If you select a random sample of n=100, what is the probability that the sample mean will be between $275,000 and $ 290,000?