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Business Statistics, 3rd Edition
book

Business Statistics, 3rd Edition

by Naval Bajpai
April 2024
Intermediate to advanced content levelIntermediate to advanced
921 pages
37h 16m
English
Pearson India
Content preview from Business Statistics, 3rd Edition
Chapter 8
PB
Sampling and Sampling Distributions
293
Example 8.3
In a grocery store, the mean expenditure per customer is `2000 with a standard deviation of `300.
If a random sample of 50 customers is selected, what is the probability that the sample average
expenditure per customer is more than `2080?
Solution: As discussed in the chapter, the z formula is given as below:
z
x
n
=
μ
σ
Here, Population mean (
μ
) = 2,000
Population standard deviation (
σ
) = 300
Sample size (n) = 50
Sample mean
()x
= 2080
By substituting all these values in the z
formula, we get the z score as below:
z =
==
2080 2000
300
50
80
42 4268
188
.
.
z = 1.88
So, the required area under normal ...
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Publisher Resources

ISBN: 9789390168996