Instruction 7.2 The Mean Selling Price of New Homes in a Country

question 74

Short Answer

Instruction 7.2
The mean selling price of new homes in a country town over a year was $115,000. The population standard deviation was $25,000. A random sample of 100 new home sales from this town was taken.
-Referring to Instruction 7.2,what is the probability that the sample mean selling price was between $114,000 and $116,000?

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Definitions:

Avoidable Expenses

Costs that can be eliminated if a particular activity or decision is not made.

Unavoidable Expenses

Expenses that cannot be eliminated and are necessary for a business's operations or living expenses.

Business Segment

A part of a company that can be identified by particular products or services or by geographical areas, generating its own revenue and expenses.

Net Loss

The amount by which a company's expenses exceed its revenues, indicating that the business has spent more than it has earned in a specific period.