The U.S Census Bureau announced that median sales price of new houses sold in April 2009 was $274,300. Suppose that the standard deviation of the prices is $90,000.
a. If you choose samples of n=2,describe the shape of sampling distribution of the sample mean.
b. If you choose samples of n=100, explain the shape of the sampling distribution of sample mean.
c. If you choose 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, determine the probability that the sample mean will be between $275,000 and $290,000?