After years of collecting sports cards our friend nick, Ask an Expert

Statistics

After years of collecting sports cards, our friend Nick decides to open a shop. He sells packs of cards but he focuses on selling rare cards. Suppose that the distribution of the values of all rare cards is Normal with mean $61.00 and standard deviation $12.35. Because Nick has bought cards from all over the US, his personal collection can be considered random. A sample of 40 of his cards is chose. let x represent the average value of the sampled cards.

A) Give the mean and standard deviation of the sampling of distribution of x.

B) Do we need to be concerned about being able to invoke the Central Limit Theorem in this problem? Why or why not?

C) What is the probability that the average value of Nick's sample will be more than $70?

D) If Nick randomly chooses a SINGLE card, what is the probability that its value will be between $50 and $60?

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M91012002

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

The interest rate on one-year treasury bonds is 1 the rate

The interest rate on one-year treasury bonds is 1%, the rate on two-year treasury bonds is 0.9%, and the rate on three-year treasury bonds is 0.8%. Using the expectations theory, compute the expected one-year interest ra ...

Light travels at 186283 miles every second how many feet

Light travels at 186,283 miles every second. How many feet per hour does light travel? Round one decimal place if necessary.

Determine the critical values for a left-tailed test of a

Determine the critical? value(s) for a? left-tailed test of a population mean at the alpha α=0.01 level of significance based on a sample size of n=15.

A study was conducted concerning the use of glvoes among

A study was conducted concerning the use of glvoes among the nurses with 15 years or more experience. The study showed that only 1/6 of these nurses wear gloves during vascular access procedures. For a sample n=36 nurses ...

For planning purposes truss manufacturers must try to

For planning purposes, truss manufacturers must try to predict the number of hurricanes that will hit the eastern seaboard of the United States in any given year. If this area is hit with an average of 6 hurricanes per y ...

Suppose that 20 of men p20 and 15 of women p 15 are

Suppose that 20% of men (P=.20) and 15% of women (P= .15) are carriers of a particular genetic trait. That trait can only be inherited by a child if both parents are carriers. What is the probability that a child is born ...

If the return on stock a in year 1 was 11 in year 2 was

If the return on stock A in year 1 was 11 %, in year 2 was -10 %, in year 3 was -4 % and in year 4 was 2 %, what was the standard deviation of returns for stock A over this four year period? (Round your answer to 1 decim ...

The national safety council reported that 52 of american

The National safety council reported that 52% of American turnpike drivers are men. A sample of 300 cars traveling southbound on the New Jersey Turnpike yesterday revealed that 170 were driven by men. At a 99% level of c ...

A cupcake stand has 40 chocolate 30 coconut and 20 banana

A cupcake stand has 40 chocolate, 30 coconut and 20 banana cupcakes. Alice chooses 20 cupcakes at random to make a box as a present for her friend. What is the probability that she chose a. Eight banana and 6 coconut cup ...

On average the parts from a supplier have a mean of 975

On average, the parts from a supplier have a mean of 97.5 inches and a standard deviation of 12.2 inches. Find the probability that a randomly selected part from this supplier will have a value between 85.3 and 109.7 inc ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert