The U.S. Census Bureau announced that the median sales price of new houses sold in April 2008 was $221,600, and the mean sales price was $274,300 (www.census.gov/newhomesales, July 20, 2009). Assume that the standard deviation of the prices is $90,000. _
a If you select sample of n = 2, describe the shape of the sampling distribution of X.
b. If you _ select samples of n = 100, describe the shape of the sampling distribution of X
c. If you select a random sample of n =100, what is the probability that the sample mean will be less than $300,000?
d. If you select a random sample of n = 100, what is the probability that the sample mean will be between $275,000 and $290,000?
The solution gives detailed steps on calculating probability for normally distributed data using excel software. All the formula and calcuations are shown and explained.