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. Suppose a random sample of
100 cards from the 1960s is selected. Describe the sampling distribution for the sample mean sale
Price of the selected cards.

Question

Quizplus · Accepted Answer

The sampling distribution of the sample mean is approximately normal, regardless of the shape of the population distribution, due to the Central Limit Theorem. The mean of the sampling distribution is equal to the mean of the population, which is $5.25. The standard error of the mean is equal to the standard deviation of the population divided by the square root of the sample size, which is $2.80 / sqrt(100) = $0.28.

Sales Prices of Baseball Cards from the 1960s Are Known