The daily revenue at a university snack bar has been recorde

The daily revenue at a university snack bar has been recorded for the past five years. Records indicate that the mean daily revenue is $.\'500 and the standard deviation is $550. The distribution is skewed to the right due to several high volume days (football game days). Suppose that 100 days are randomly selected and the average daily revenue computed. Which of the following describes the sampling distribution of the sample mean? normally distributed with a mean of $3500 and a standard deviation of $55 normally distributed with a mean of $3500 and a standard deviation of $550 normally distributed with a mean of $350 and a standard deviation of $55 skewed to the right with a mean of $3500 and a standard deviation of $550

Solution

Mean will be equal for sample

standard deviaton = population standard deviation = 550 / Sqrt(100) = 550/10 = 55

A) Normally distributed with a mean of $3500 and a standard deviation of $55