Solution Found!
Answer: In Exercise, find the indicated probabilities and
Chapter , Problem 57E(choose chapter or problem)
Problem 57E
In Exercise, find the indicated probabilities and interpret the results. If convenient, use technology to find the probabilities.
The mean value of land and buildings per acre for farms in Illinois is $6700. A random sample of 36 Illinois farms is selected. What is the probability that the mean value of land and buildings per acre for the sample is (a) less than $7200, (b) more than $6500, and (c) between $7000 and $7400? Assume σ = $1250.
Questions & Answers
QUESTION:
Problem 57E
In Exercise, find the indicated probabilities and interpret the results. If convenient, use technology to find the probabilities.
The mean value of land and buildings per acre for farms in Illinois is $6700. A random sample of 36 Illinois farms is selected. What is the probability that the mean value of land and buildings per acre for the sample is (a) less than $7200, (b) more than $6500, and (c) between $7000 and $7400? Assume σ = $1250.
ANSWER:
Solution 57E
Step1 of 4:
From the given problem we have:
Here our goal is:
a). We need to find the probability that the mean value of land and buildings per acre for the sample is less than $7200.
b). We need to find the probability that the mean value of land and buildings per acre for the sample is more than $6500.
c). We need to find the probability that the mean value of land and buildings per acre for the sample is between $7000 and $7400.
Step2 of 4:
a).
Consider,
Now, The probability that the mean value of land and buildings per acre for the sample is less than $7200 is:
Where, is obtained from standard normal table (Area under normal curve).
(In area under normal curve we have to see in row 2.4 under column 0.00).
Hence,