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. supppose a random sample of 100 cards from the 1960s is selected. describe the sampling distribution of the sample mean sale price of the selected cards

Description and answer:

normal with a mean of $5.25 and a standard error of $0.28

This is beyond the study of Statistics of Business Operations or simply Business Statistics and also sampling distribution.

Sampling distribution shows every possible result a statistic can take in every possible sample. This is a probability distribution in which it is obtained through a large number of samples drawn from a specific population by using this formula:

μx = μσx = [ σ / sqrt(n) ] * sqrt[ (N - n ) / (N - 1) ]