Question

Sales prices of baseball cards from the 1960s are known to possess a right skewed distribution with a mean sale price of $5.25 and a standard deviation of $2.80. Supppose a random sample of 100 cards from the 1960s is selected. Describe the sampling distribution of the sample mean sale price of the selected cards

a. Right skewed with mean of $5.25 and a standard error of $2.80
b. Normal with a mean of $5.25 and a standard error of $0.28
c. Right skewed with a mean of $5.25 and a standard error of $0.28
d. Normal with a mean of $5.25 and a standard error of $2.80

Answer 1

option b is correct

Normal with a mean of $5.25 and a standard error of $0.28

Step-by-step explanation:

Given data

mean = $5.25

standard deviation SD = $2.80

sample n = 100

to find out

sampling distribution

solution

we will find here first mean error that is

standard error = SD/ √n

put here value n and SD

standard error = 2.80 /√100

standard error = 0.28

and we know here that by central limit theorem that is state that sample distribution of sample mean is approximate normally distribute with Standard error and mean so

mean with normal is 5.25

Hence

option b is correct here

Normal with a mean of $5.25 and a standard error of $0.28