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.
A)Right skewed with a 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

Question

Quizplus · Accepted Answer

The sampling distribution of the sample mean will be approximately normal due to the Central Limit Theorem, with the same mean as the population ($5.25) and a standard error calculated as the population standard deviation divided by the square root of the sample size (2.80/√100 = 0.28).

Sales Prices of Baseball Cards from the 1960s Are Known