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Unformatted text preview: school. 4. You happen to know that the average house price in Mooresville is $200,000 with a population standard deviation of $40,000. If you take a sample of size 60, what is the probability that the sample mean will be over $195,000? 5. You are the only bidder in an online auction of a Nintendo Wii system. The seller has set a secret reserve price (the minimum that she is willing to accept for the Wii.) Assume that the secret reserve price x is uniformly distributed between $280 and $400. a. If you enter a bid of $300, what is the probability that you win the auction? b. What is the mean and standard deviation of the secret reserve price?...
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This note was uploaded on 06/22/2011 for the course MGSC 291 taught by Professor Rollins during the Spring '09 term at South Carolina.
 Spring '09
 Rollins

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