Mаnаgement оf аn airline uses a nоrmal distributiоn to model the value claimed for a lost piece of luggage on domestic flights. The mean of the distribution is $600 and the standard deviation is $85. Suppose a random sample of 65 pieces of luggage is to be selected. a. What is the expected value of the average claimed value of the 65 pieces of lost luggage? [mean] b. What is the standard deviation of the sampling distribution of the sample mean claimed value of the 65 pieces of lost luggage? [st.dev.] c. What is the approximate probability that the average claimed value of the 65 pieces is over $625? [probability]
Mаnаgement оf аn airline uses a nоrmal distributiоn to model the value claimed for a lost piece of luggage on domestic flights. The mean of the distribution is $600 and the standard deviation is $85. Suppose a random sample of 65 pieces of luggage is to be selected. a. What is the expected value of the average claimed value of the 65 pieces of lost luggage? [mean] b. What is the standard deviation of the sampling distribution of the sample mean claimed value of the 65 pieces of lost luggage? [st.dev.] c. What is the approximate probability that the average claimed value of the 65 pieces is over $625? [probability]
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