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Solution: In Exercise, find the indicated probabilities and
Chapter , Problem 58E(choose chapter or problem)
Problem 58E
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 Colorado is $1170. A random sample of 32 Colorado farms is selected. What is the probability that the mean value of land and buildings per acre for the sample is (a) less than $1200, (b) more than $1275, and (c) between $1100 and 1250? Assume σ = $200.
Questions & Answers
QUESTION:
Problem 58E
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 Colorado is $1170. A random sample of 32 Colorado farms is selected. What is the probability that the mean value of land and buildings per acre for the sample is (a) less than $1200, (b) more than $1275, and (c) between $1100 and 1250? Assume σ = $200.
ANSWER:
Solution 58E
Step1 of 4:
From the given problem we have:
Here our goal is:
a). We need to find the mean value of land and buildings per acre for the sample is less than $1200.
b). We need to find the probability of the mean value of land and buildings per acre for the sample is more than $1275.
c). We need to find the probability that the mean value of land and buildings per acre for the sample is between $1100 and 1250.
Step2 of 4:
a).
Consider,
Now, The mean value of land and buildings per acre for the sample is less than $1200 is:
Where, is obtained from standard normal table (Area under normal curve).
(In area under normal curve we have to see in row 0.8 under column 0.05).
Hence,