A 2017 Toyota Corolla costs an average of

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### Practice Problems

A 2017 Toyota Corolla costs an average of

PART A

A 2017 Toyota Corolla costs an average of \$17755 in BC. The standard deviation of prices is \$650. Suppose a random sample of 30 dealerships in BC is taken, and the managers are asked what price they'll charge for a 2017 Corolla.

a. What is the probability of getting a sample average cost less than 17500?

b. What assumption should you make regarding the population distribution to answer part (a)? Explain carefully.

c. For your sample of 30 dealerships, the sample average lies between which two values with 80% chance?

Low

High

PART B

Marketing Companies are turning to mobile media for new opportunities. A recent study by IBM shows that 46% of all maketers conduct transactions on mobile websites. Suppose a random sample of 300 marketing companies is taken.

a. What is the probability that 51% or more of marketing companies in the sample are using a mobile website?

b. Now suppose a random sample of 800 marketing companies is taken. What is the probability that 51% or more of marketing companies in the sample are using a mobile website?

c. How does your answer in part (b) differ from that in part (a). Why does that answer differ?

Hint

a. 0.0158

b. It is assumed that the popualtion from which sample is drawn is normlly distributed.

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