SOLUTION: The daily revenue at a university snack bar has been recorded for the past five years. Records indicate that the mean daily revenue is $3400 and the standard deviation is $600. The
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-> SOLUTION: The daily revenue at a university snack bar has been recorded for the past five years. Records indicate that the mean daily revenue is $3400 and the standard deviation is $600. The
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Question 1169555: The daily revenue at a university snack bar has been recorded for the past five years. Records indicate that the mean daily revenue is $3400 and the standard deviation is $600. The distribution is skewed to the right due to several high volume days (football game days). Suppose that 100 days are randomly selected and the average daily revenue computed. Which of the following describes the sampling distribution of the sample mean?
normally distributed with a mean of $3400 and a standard deviation of $60
normally distributed with a mean of $340 and a standard deviation of $60
skewed to the right with a mean of $3400 and a standard deviation of $600
normally distributed with a mean of $3400 and a standard deviation of $600 Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! While the sampling distribution might conceivably be skewed, the sampling distribution of n=100 will adequately take care of the skew and is normally distributed with a mean equal to the population mean of $3400 and a standard deviation equal to $600/sqrt(n) or $600/10=$60.
The answer is a.
