2 Southwest Airlines: - Airline Price Population Mean airfare from Chicago to NY is $250 with...
| 2 | Southwest Airlines: - Airline Price | ||||||||||
| Population Mean airfare from Chicago to NY is $250 with a standard deviation of $40, and the airline Price is normally distributed. | |||||||||||
| Estimate the Sampling Distribution of the Sample Mean for 25 days on the airline Price. | |||||||||||
| Compute the sampling error for the airline price. | |||||||||||
| Statistical Sampling for 25 days, the sample mean is $200. Estimate the probability that the sample mean is greater than the population mean. | |||||||||||
Homework Answers
A.
Sampling Distribution of the Sample Mean for 25 days on the airline Price will be normally distributed.
with mean = 250
std. deviation = 40/
= 8
B.
Sampling error = 8
C.
P(Sample mean > 200) = 0.5 (Because we know that the probability of any normal distribution for the value being more than mean is 0.5)
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Southwest Airlines: - Airline Price
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