The average production cost for major movies is 66 million dollars an

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School
Western Sydney University **We aren't endorsed by this school
Course
ECONOMIC MANAGERIAL
Subject
Economics
Date
Nov 3, 2023
Pages
1
Uploaded by MasterFreedomRam38 on coursehero.com
The average production cost for major movies is 66 million dollars and the standard deviation is 23 miltion dollars. Assume the production cost distribution is normal. Suppose that 38 randomly selected major movies are researched. Answer the following questions. Give your answers in miltions of dollars, not dollars. Round z-scores to 2 decimal places for use in calculations. Round all other answers to 4 where possible. a. What is the distribution of X?XN( b. What is the distribution of X?XN( c. For a single randomly selected movie, find the probability that this movie's production cost is between 62 and 65 million dollars. d. For the group of 38 movies, find the probability that the average production cost is between 62 and 65 miltion dollars. e. For part d), is the assumption of normal necessary? Nc Yes
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