A real estate agent makes commissions of $6,500 in January, $4,500 in February, and $4,000 in March. What is the agent's average
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Answer:
a) Mean = 133, Standard deviation = 2.5
b) Normal distribution
c) 0.0026
Step-by-step explanation:
We are given the following in the question:
Sample size, n = 4
Mean = 133
Standard deviation = 5
a) Mean and the standard deviation of the sampling distribution of the sample mean for the four observations each day.
The sampling distribution has a mean equal to the population mean
The standard deviation of the sampling distribution is given by:
b) Shape of the sampling distribution
Central limit theorem:
When a large sample is drawn from a normal distribution, then the distribution of sample means approaches a normal distribution.
Since the distribution is normal, the sampling distribution of the sample mean will be bell shaped and follow a normal distribution.
c) P(sample mean exceeds 140)
Calculation the value from standard normal z table, we have,
0.0026 is the probability that the sample mean exceeds 140.