Apartment cost. The average cost of an apartment in the Cedar Lakes development is $62,000 USD with a standard deviation of $4,200 USD. a. What is the probability that an apartment in this development costs at least $65,000 USD? b. Is the probability that the average cost of a sample of two apartments is at least $65,000 USD greater or less than the probability that an individual apartment costs that much? By how much does it differ
Apartment cost. The average cost of an apartment in the Cedar Lakes development is $62,000 USD with a standard deviation of $4,200 USD. a. What is the probability that an apartment in this development costs at least $65,000 USD? b. Is the probability that the average cost of a sample of two apartments is at least $65,000 USD greater or less than the probability that an individual apartment costs that much? By how much does it differ
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter13: Probability And Calculus
Section13.3: Special Probability Density Functions
Problem 40E: Pygmy Height The average height of a member of a certain tribe of pygmies is 3.2ft, with a standard...
Related questions
Question
Apartment cost. The average cost of an apartment in the Cedar Lakes development is $62,000 USD with a standard deviation of $4,200 USD.
a. What is the probability that an apartment in this development costs at least $65,000 USD?
b. Is the probability that the average cost of a sample of two apartments is at least $65,000 USD greater or less than the probability that an individual apartment costs that much? By how much does it differ?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps with 3 images
Recommended textbooks for you
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt