Discuss the below:
Q1: The mean selling price of new homes in a city in 2010 was $115,000. The population standard deviation was $25,000. A random sample of 100 new home sales from this city was taken.
A) What is the probability that the sample mean selling price was more than $110,000?
B) What is the probability that the sample mean selling price was between $113,000 and $117,000?
C) 85% of the homes sold in the city were sold for less than what amount of money?
Q2: According to a survey, only 15% of customers who visited the web site of a major retail store made a purchase. Random samples of size 50 are selected.
A) What proportion of the samples of size 50 will have between 20% and 30% of customers who will make a purchase after visiting the web site?
B) What is the probability that a random sample of 50 will have at least 30% of customers who will make a purchase after visiting the web site?
C) 90% of the samples of size 50 will have less than what percentage of customers who will make a purchase after visiting the web site?