(ANSWER) MATH 225N WEEK 5 ASSIGNMENT: CENTRAL LIMIT THEOREM FOR MEANS - Essay Prowess

(ANSWER) MATH 225N WEEK 5 ASSIGNMENT: CENTRAL LIMIT THEOREM FOR MEANS

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  1. A well known social media company is looking to expand their online presence by creating another platform. They know that they current average 2,500,000 users each day, with a standard deviation of 625,000 users. If they randomly sample 50 days to analyze the use of their existing technology, identify each of the following, rounding to the nearest whole number if necessary:

    Provide your answer below:

    Question 2

    A head librarian for a large city is looking at the overdue fees per user system-wide to determine if the library should extend its lending period. The average library user has $19.67 in fees, with a standard deviation of $7.02. The data is normally distributed and a sample of 72 library users is selected at random from the population. Select the expected mean and standard deviation of the sampling distribution from the options below.

    Week 5 The Central Limit Theorem for Mean

    Question 3

    The Washington Wheat Farmers Club is studying the impact of rising grain prices on their members’ planting habits. The club members produce an average of 150 million bushels of wheat per year, with a standard deviation of 18 million bushels. The club takes a random sample of 35 years to create a statistical study. Identify each of the following, rounding to the nearest hundredth when necessary:

    Provide your answer below:

    Week 5 The Central Limit Theorem for Mean

    Question 4

    A bank is reviewing its risk management policies with regards to mortgages. To minimize the risk of lending, the bank wants to compare the typical mortgage owed by their clients against other homebuyers. The average mortgage owed by Americans is $306,500, with a standard deviation of $24,500. Suppose a random sample of 150 Americans is selected.

    Identify each of the following, rounding your answers to the nearest cent when appropriate:

    Provide your answer below:

    Question 5

    A businesswoman wants to open a coffee stand across the street from a competing coffee company. She notices that the competing company has an average of 170 customers each day, with a standard deviation of 45 customers. Suppose she takes a random sample of 31 days. Identify the following to help her decide whether to open her coffee stand, rounding to the nearest whole number when necessary:

    Provide your answer below:

    μ-customers per day–

    Question 6

    A statistics student is trying to decide whether she should take a gamble and play Bingo. The average Bingo player earns $9 per game, distributed normally, with a population standard deviation of $8. If a sample of 25 Bingo players are selected at random from the population, select the expected mean of the sampling distribution and the standard deviation of the sampling distribution below.

    Select all that apply:

     

     

     

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