A Sample of 30 Observations Is Drawn from a Normal $\bar { X }$

question 4

Essay

A sample of 30 observations is drawn from a normal population with mean of 750 and a standard deviation of 300. Suppose the population size is 600.
a. Find the expected value of the sample mean $\bar { X }$ .
b. Find the standard error of the sample mean $\bar { X }$ .
c. Find P( $\bar { X }$ > 790).
d. Find P( $\bar { X }$ < 650).
e. Find P(760 < $\bar { X }$ < 810).

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Definitions:

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a period, indicating the efficiency in managing stock levels.

Number of Days' Sales

A financial metric that measures how quickly a company can convert its inventory into sales.

Inventory Costing

The method used to assign costs to inventory and cost of goods sold, including techniques such as First-In First-Out (FIFO), Last-In Last-Out (LIFO), and weighted average cost.

Estimated Rate

An approximation used to calculate various financial metrics, often used when the exact value is unknown.