A sample of 24 observations is taken from a population that has ...

[Diane]

A sample of 24 observations is taken from a population that has 150 elements. The sampling distribution of is _____.
 a. approximately normal because xis always approximately normally distributed
  b. approximately normal because the sample size is large in comparison to the population size
  c. approximately normal because of the central limit theorem
  d. normal if the population is normally distributed

Question 2

June's Specialty Shop sells designer original dresses. On 10 of her dresses, June makes a profit of 10, on 20 of her dresses she makes a profit of 20, on 30 of her dresses she makes a profit of 30, and on 40 of her dresses she makes a profit of 40 . On a given day, the probability of June having no customers is .05, of 1 customer is .10, of 2 customers is .20, of 3 customers is .35, of 4 customers is .20, and of 5 customers is .10.
 a. What is the expected profit June earns on the sale of a dress?
  b. June's daily operating cost is 40 per day. Find the expected net profit June earns per day. (Hint: To find the expected daily gross profit, multiply the expected profit per dress by the expected number of customers per day.)
  c. June is considering moving to a larger store. She estimates that doing so will double the expected number of customers. If the larger store will increase her operating costs to 100 per day, should she make the move?

[Anton]

Answer to Question 1

d

Answer to Question 2

a. 30
b. 45.50
c. Yes; new daily net profit expected is 71.