1. Suppose you need to sample the concentration of a chemical in a production process that goes on continuously 24 hours per day, 7 days per week. You need to generate a random sampleof six observations of the process over a period of one week. Use a computer, a calculator, or a random number table to generate the six observation times (to the nearest minute).
2. When samplingis from a population with standard deviation = 55, using a sample size n = 150, what is the probabilitythat X will be at least 8 units away from the population mean?
3. Shimano mountain bikes are displayed in chic clothing boutiques in Milan, Italy, and the average price for the bike in the city is $700. Suppose that the standard deviation of bike prices is $100. If a random sample of 60 boutiques is selected, what is the probability that the average price for a Shimano mountain bike in this sample will be between $680 and $720.
A Complete, Neat and Step-by-step Solution is provided in the attached Excel file.