Question.5641 - As part of your study, you visit the colorful city to collect and analyze data regarding its economic impact. One key piece of information gathered from city revenue records is the average daily revenue generated from tourists, which amounts to 3.7 million INR, with a standard deviation of 0.52 million INR. This data sheds light on the financial role tourism plays in Pushkar, making it clear how important it is to the local economy. Your findings could help highlight Pushkar’s economic importance and identify areas for growth. The city’s revenue varies significantly during certain months, prompting a study of these fluctuations. To study this, a random revenue data sample of days across multiple years is collected. This study helps in understanding the nature of revenue changes and aids in strategic planning for managing resources during months with notable fluctuations. Describe the Central Limit Theorem and discuss associated concepts, such as the Law of Large Numbers and the sampling distribution of sample means, in the context of the given scenario. (ULO 8.1) Please add the necessary formulas and calculation steps to answer the following questions: a. Based on the Central Limit Theorem, if daily revenue is recorded for a random sample of 30 days in Pushkar City over multiple years, what is the probability that the sample mean revenue falls between 3.5 million INR and 3.8 million INR? b. The total revenue of a specific month is 110 million INR. Suppose you are given the revenue data for a random sample of 30 days from multiple years. What is the probability that the total revenue of the 30 random days is less than the revenue of this specific month? Use the provided mean and standard deviation with the sampling distribution of sums to calculate this probability.
Answer Below:
The Central Limit Theorem (CLT) states that the distribution of the sample mean approaches a normal distribution as the sample size becomes large, reg...
The xxxxxxx Limit xxxxxxx CLT xxxxxx that xxx distribution xx the xxxxxx mean xxxxxxxxxx a xxxxxx distribution xx the xxxxxx size xxxxxxx large xxxxxxxxxx of xxx population's xxxxxxxx distribution xxxxxxxxxxxxx In xxxx scenario xxxxxxx fluctuations xx daily xxxxxxx the xxxxxxx revenue xxxx a xxxxxxxxxxxx large xxxxxx of xxxx will xx approximately xxxxxxxx distributed xxx Law xx Large xxxxxxx says xxxx as xxx sample xxxx increases xxx sample xxxx will xxxx to xxx closer xx the xxxx population xxxx GeeksforGeeks xxx sampling xxxxxxxxxxxx of xxxxxx means xxxxxx to xxx probability xxxxxxxxxxxx of xxx means xx all xxxxxxxx samples xx a xxxxx size xxxx the xxxxxxxxxx which xx the xxxxxxxxxx for xxxxxx probability xxxxxxxxxx about xxx mean xxxxxxx based xx sample xxxx Illowsky xx al x Given xxxxxxxxxx mean xxxxxxx INR xxxxxxxxxx standard xxxxxxxxx million xxx Sample xxxx n xxx standard xxxxx of xxx mean xx calculated xxxxx the xxxxxxx n xx need xx determine xxx z-score xxx and xxxxx we xxxx calculate xxx z-score xxx x- x - x Next xx will xxxxxxxxx the xxxxxxx for xx n x Now xx need xx find xxxxxxxxxxx between xxxxx two xxxxx standard xxxxxx distribution xxxxx P x I xxxxxxxxxx this xxxxx excel xxxxxxxx Norm x dist x true xxxxxxxxx the xxxxxxxxxxx is xxxxxxxxxxxxx that xxx sample xxxx of xxxxxxxx chosen xxxx lies xxxxxxx and xxxxxxx INR x Total xxxxxxx mean x million xxx Total xxxxxxx standard xxxxxxxxx n xx need xx calculate xx z-score xxx total xxxxxxx million xxxx - x We xxx to xxxxxxxxx the xxxxxxxxxxx of xxxxx less xxxx using xxxxxxxx normal xxxxxxxxxxxx table x have xxxx excel xxxxxxx to xxxxxxxxx the xxxxxxxxxxx Therefore xxxxxxxxxxx of xxxxx Therefore xxx probability xxxx the xxx of xxxxxxxx over xxxxxxxx chosen xxxx is xxxx than xxxxxxx INR xx approximately xx ReferencesGeeksforGeeks xxxxxxxx Central xxxxx Theorem xx Statistics xxxxxxxxxxxxx https xxx geeksforgeeks xxx maths xxxxxxxxxxxxxxxxxxxxx GeeksforGeeks xxxx Law xx Large xxxxxxx GeeksforGeeks xxxxx www xxxxxxxxxxxxx org xxxxx law-of-large-numbers xxxxxxxx B xxxx S xxxxxxxx D xxxxxx B xxxx S xxxxxxx M xxxxxxxxx J xxxxxx L xxx S xxxx J xxxxxxxxxxxx statistics x Openstax xxxxx openstax xxx details xxxxx introductory-statistics- x Licensed xxxxx a xxxxxxxx Commons xxxxxxxxxxx University xx Arizona x d xxxxxxxx normal xxxxxxxxxxxx Table xxxxxx represent xxx area xx the xxxx of xxx Z xxxxx standardnormaltable xxx Retrieved xxxxxxxxx from xxxxx math xxxxxxx edu xxxxx ma xxxxxxxxxxxxxxxxxxx pdfPaying someone to do your statistics assignment has become a practical solution for students managing tight deadlines, academic pressure, and personal responsibilities. Today’s education system demands accuracy, originality, and timely submission, which can be difficult when multiple assignments overlap. Professional academic assistance helps students meet these expectations without unnecessary stress.
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