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23 September, 22:39

in 1965, the mean price of a new car was $2,650 and the standard deviation was $1,000. In 2011, the mean was $30,500 and the standard deviation was $9,000. If a Ford Mustang cost $2,300 in 1965 and $28,000 in 2011, in which year was it more expensive relative to other cars.

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  1. 24 September, 00:19
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    Car were more expensive in 2011

    Explanation:

    Data provided in the question:

    Mean price of the car in 1965 = $2,650

    Standard deviation, s = $1,000

    Mean price of the car in 2011 = $30,500

    Standard deviation in 2011, s = $9,000

    Cost in 1965 = $2,300

    Cost in 2011 = $28,000

    Now,

    z score = [ X - mean ] : s

    Therefore,

    In 1965

    z score = [ $2,300 - $2,650] : 1,000

    = - 0.35

    In 2011

    z score = [ $28,000 - $30,500 ] : 9,000

    = - 0.278

    Since,

    The standard score in 2011 is higher than in 1965

    Hence,

    Car were more expensive in 2011
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