Question

Sales prices of baseball cards from the 1960s are known topossess a skewed-right distribution with a mean sale price of $5.25and a standard deviation of $2.80. Suppose a random sample of 100cards from the 1960s is selected. Describe the samplingdistribution for the sample mean sale price of the selectedcards.a. Skewed-right with a mean of $5.25 and a standard error of$2.80b. Normal with a mean of $5.25 and a standard error of$0.28c. Skewed-right with a mean of $5.25 and a standard error of$0.28d. Normal with a mean of $5.25 and a standard error of$2.80

Answer 1

Answer:

c. Skewed-right with a mean of $5.25 and a standard error of$0.28

Step-by-step explanation:

As we have given that Sales prices of baseball cards have a right-skewed distribution with a mean $5.25 and a standard deviation is $2.80.

Now, We know that if standard deviation = σ

then, standard error = $\frac{\sigma}{\sqrt{n}}$

As, we have standard deviation = $2.80

then standard error will be $\frac{2.80}{\sqrt{100}}$

⇒ Standard error = $0.28

Hence, Option (c) is the correct option.