The mean cost of a five pound bag of shrimp is 50 dollars with a variance of 64. If a sample of 43 bags of shrimp is randomly selected, what is the probability that the sample mean would differ from the true mean by greater than 1 dollar? Round your answer to four decimal places.

0.4122 = 41.22% probability that the sample mean would differ from the true mean by greater than 1 dollar

Step-by-step explanation:

To solve this question, we need to understand the normal probability distribution and the central limit theorem.

Normal probability distribution

Problems of normally distributed samples are solved using the z-score formula.

In a set with mean and standard deviation(which is the square root of the variance) , the zscore of a measure X is given by:

The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.

Central Limit Theorem

The Central Limit Theorem estabilishes that, for a random variable X, with mean and standard deviation , the sample means with size n of at least 30 can be approximated to a normal distribution with mean and standard deviation

In this problem, we have that:

What is the probability that the sample mean would differ from the true mean by greater than 1 dollar?

Either it differs by 1 dollar or less, or it differs by more than one dollar. The sum of the probabilities of these events is decimal 1.

Probability it differs by 1 dollar or less:

pvalue of Z when X = 50+1 = 51 subtracted by the pvalue of Z when X = 50 - 1 = 49.

X = 51

By the Central Limit Theorem

has a pvalue of 0.7939

X = 49

has a pvalue of 0.2061

0.7939 - 0.2061 = 0.5878

Probability it differs by more than 1 dollar:

p + 0.5878 = 1

p = 0.4122

0.4122 = 41.22% probability that the sample mean would differ from the true mean by greater than 1 dollar

step-by-step explanation:

the answer is:

the answer is:

to solve the problem, we need to remember the quotient of power property, it's defined by the following relation:

if we have a quotienf of powers that have the same base, we need to keep the same base and subtract the exponent of the denominator power to the exponent of the numerator power.

so, we are given the expression:

then, calculating we have:

hence, the answer is:

have a nice day!