MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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**Sampling Distribution of the Sample Mean in Home Prices**

The selling price of new homes in a city over a year was normally distributed with a mean of $115,000 and a standard deviation of $25,000. A random sample of 16 new home sales from this city was taken. Describe the sampling distribution of the sample mean (indicate center, spread, shape).

Options:
1. Mean = $115,000, standard deviation = $6,250, and shape = exactly normal
2. Mean = $115,000, standard deviation = $2,500, and shape = exactly normal
3. Mean = $115,000, standard deviation = $25,000, and shape = exactly normal
4. Mean = $115,000, standard deviation = $6,250, and shape = unknown
5. Mean = $115,000, standard deviation = $2,500, and shape = approximately normal by the Central Limit Theorem
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Transcribed Image Text:**Sampling Distribution of the Sample Mean in Home Prices** The selling price of new homes in a city over a year was normally distributed with a mean of $115,000 and a standard deviation of $25,000. A random sample of 16 new home sales from this city was taken. Describe the sampling distribution of the sample mean (indicate center, spread, shape). Options: 1. Mean = $115,000, standard deviation = $6,250, and shape = exactly normal 2. Mean = $115,000, standard deviation = $2,500, and shape = exactly normal 3. Mean = $115,000, standard deviation = $25,000, and shape = exactly normal 4. Mean = $115,000, standard deviation = $6,250, and shape = unknown 5. Mean = $115,000, standard deviation = $2,500, and shape = approximately normal by the Central Limit Theorem
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