Statistics for Business and Economics
8th Edition
ISBN: 9780132745659
Author: Paul Newbold, William Carlson, Betty Thorne
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 4, Problem 87E
(a)
To determine
Determine the probability if a project will take less than 3 days to complete.
(b)
To determine
Determine the standard deviation.
(c)
To determine
Illustrate the mean and standard deviation of the total salary for the week.
(d)
To determine
Determine the probability if salesperson’s salary is more than $1,000.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
A car salesperson estimates the following probabilities for the number of cars that she will sell in the next week: Number of cars 0 1 2 3 4 5 Probability 0.10 0.20 0.35 0.16 0.12 0.07 a. Find the expected number of cars that will be sold in the week.b. Find the standard deviation of the number of cars hat will be sold in the week. c. The salesperson receives a salary of $250 for the week, plus an additional $300 for each car sold. Find the mean and standard deviation of her total salary for the week. d. What is the probability that the salesperson’s salary for the week will be more than $1,000?
A set of average city temperatures in August are normally distributed with a mean of 21.25° C and a standard
deviation of 2°C.
What proportion of temperatures are between 19.63°C and 20.53°C?
You may round your answer to four decimal places.
7. The amount spent by a customer on a Summer Cruise has a normal distribution with a
mean of $95.60 and a standard deviation of $5.
a) Calculate the probability that a randomly selected customer spends less than $95.
b) The probability that customers spend more than x dollars is 0.2810. Find the value of r.
Chapter 4 Solutions
Statistics for Business and Economics
Ch. 4.1 - Prob. 1ECh. 4.1 - Prob. 2ECh. 4.1 - Prob. 3ECh. 4.1 - Prob. 4ECh. 4.1 - Prob. 5ECh. 4.1 - Prob. 6ECh. 4.1 - Prob. 7ECh. 4.1 - Prob. 8ECh. 4.2 - Prob. 9ECh. 4.2 - Prob. 10E
Ch. 4.2 - Show the probability distribution function of the...Ch. 4.2 - Prob. 12ECh. 4.2 - Prob. 13ECh. 4.2 - Prob. 14ECh. 4.3 - Prob. 15ECh. 4.3 - Prob. 16ECh. 4.3 - Prob. 17ECh. 4.3 - Prob. 18ECh. 4.3 - Prob. 19ECh. 4.3 - Prob. 20ECh. 4.3 - Prob. 21ECh. 4.3 - Prob. 22ECh. 4.3 - Prob. 23ECh. 4.3 - Prob. 24ECh. 4.3 - Prob. 25ECh. 4.3 - Prob. 26ECh. 4.3 - A store owner stocks an out-of-town newspaper that...Ch. 4.3 - Prob. 28ECh. 4.3 - Prob. 29ECh. 4.4 - Prob. 30ECh. 4.4 - Prob. 31ECh. 4.4 - Prob. 32ECh. 4.4 - Prob. 33ECh. 4.4 - Prob. 34ECh. 4.4 - Prob. 35ECh. 4.4 - Prob. 36ECh. 4.4 - Prob. 37ECh. 4.4 - Prob. 38ECh. 4.4 - Prob. 39ECh. 4.4 - Prob. 40ECh. 4.4 - Prob. 41ECh. 4.4 - Prob. 42ECh. 4.4 - Prob. 43ECh. 4.4 - Prob. 44ECh. 4.4 - Prob. 45ECh. 4.4 - Prob. 46ECh. 4.4 - Prob. 47ECh. 4.4 - Prob. 48ECh. 4.4 - A company receives large shipments of parts from...Ch. 4.5 - Prob. 50ECh. 4.5 - Prob. 51ECh. 4.5 - Prob. 52ECh. 4.5 - Prob. 53ECh. 4.5 - Prob. 54ECh. 4.5 - Prob. 55ECh. 4.5 - Prob. 56ECh. 4.5 - Prob. 57ECh. 4.5 - Prob. 58ECh. 4.5 - Prob. 59ECh. 4.5 - Prob. 60ECh. 4.5 - Prob. 61ECh. 4.5 - Prob. 62ECh. 4.6 - Compute the probability of 7 successes in a random...Ch. 4.6 - Compute the probability of 9 successes in a random...Ch. 4.6 - Compute the probability of 3 successes in a random...Ch. 4.6 - Compute the probability of 8 successes in a random...Ch. 4.6 - Prob. 67ECh. 4.6 - Prob. 68ECh. 4.6 - Prob. 69ECh. 4.6 - Prob. 70ECh. 4.7 - Prob. 71ECh. 4.7 - Prob. 72ECh. 4.7 - Prob. 73ECh. 4.7 - Prob. 74ECh. 4.7 - Prob. 75ECh. 4.7 - Prob. 76ECh. 4.7 - Prob. 77ECh. 4.7 - Prob. 78ECh. 4.7 - Prob. 79ECh. 4.7 - Prob. 80ECh. 4.7 - Prob. 81ECh. 4.7 - Prob. 82ECh. 4.7 - Prob. 83ECh. 4.7 - Prob. 84ECh. 4 - Prob. 85ECh. 4 - Prob. 86ECh. 4 - Prob. 87ECh. 4 - Prob. 88ECh. 4 - Prob. 89ECh. 4 - Prob. 90ECh. 4 - Prob. 91ECh. 4 - Prob. 92ECh. 4 - Prob. 93ECh. 4 - Prob. 94ECh. 4 - Prob. 95ECh. 4 - Prob. 96ECh. 4 - Prob. 97ECh. 4 - Prob. 98ECh. 4 - Prob. 99ECh. 4 - Prob. 100ECh. 4 - Consider a country that imports steel and exports...Ch. 4 - Prob. 102ECh. 4 - Prob. 103ECh. 4 - Prob. 104ECh. 4 - Prob. 105ECh. 4 - Prob. 106E
Knowledge Booster
Similar questions
- a. A company produces lightbulbs whose life follows a normal distribution, with mean 1200 hours and standard deviation 250 hours. If we choose a lightbulb at random, what is the probability that its lifetime will be between 900 and 1300 hours? (answer in three decimal places)arrow_forwardOn average a supermarket sells 500 litres of milk a day with a standard deviation of 50 litres. If the supermarket has 600 litres in stock at the beginning of a day, what is the probability that it will run out of milk? What is the probability that demand is between 450 and 600 litres in a day? How many litres should the supermarket stock if it wants the probability of running out to be 0.05? 4. How many should it stock if it wants the probability of running out to be 0.01?arrow_forwardA campus finance officer finds that, for all parking tickets issued, fines are paid for 78% of the tickets. The fine is $2. In the most recent week, 620 parking tickets have been issued.a. Find the mean and standard deviation of the number of these tickets for which the fines will be paid.b. Find the mean and standard deviation of the amount of money that will be obtained from the payment of these fines.arrow_forward
- Suppose commute times in a large city are normally distributed and that 65.20% of commuters in this city take more than 22 minutes to commute one-way. If the standard deviation of such commutes is 6.5 minutes, what is the mean commute?arrow_forwardAnticipated consumer demand in a restaurant for free-range steaks next month can be modeled by a normal random variable with mean 1,200 pounds and standard deviation 100 pounds. a. What is the probability that demand will be between 1,100 and 1,300 pounds? Calculate in 4 decimal place. b. The probability is 0.10 that demand will be more than how many pounds?arrow_forwardThe number of hits per day on the Web site of a tool company is normally distributed with a mean of 600 and a standard deviation of 120. a. What proportion of days have more than 750 hits? b. What proportion of days have between 660 and 750 hits? c. Find the number of hits such that only 10% of the days will have the number of hits below this number. Click the icon to view the standard normal table of the cumulative distribution function. ... a. The proportion of days with more than 750 hits is (Round to four decimal places as needed.) b. The proportion of days with between 660 and 750 hits is (Round to four decimal places as needed.) c. Only 10% of the days will have less than hits. (Round to one decimal place as needed.)arrow_forward
- A pizza delivery service delivers to a campus dormitory. Delivery times follow a normal distribution with a mean of 20 minutes and a standard deviation of 4 minutes.a. What is the probability that a delivery will take between 15 and 25 minutes?b. The service does not charge for the pizza if delivery takes more than 30 minutes. What is the probability of getting a free pizza from a single order?c. During final exams, a student plans to order pizza five consecutive evenings. Assume that these delivery times are independent of each other. What is the probability that the student will get at least one free pizza?d. Find the shortest range of times that includes 40% of all deliveries from this service.e. For a single delivery, state in which of the following ranges (expressed in minutes) the delivery time is most likely to lie.18-20, 19-21, 20-22, 21-23f. For a single delivery, state in which of the following ranges (expressed in minutes) the delivery time is least likely to lie.18-20,…arrow_forwardThe mean cost of domestic airfares in the United States rose to an all-time high of $395 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $115. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $540 or more (to 4 decimals)? b. What is the probability that a domestic airfare is $240 or less (to 4 decimals)? c. What if the probability that a domestic airfare is between $300 and $490 (to 4 decimals)? d. What is the cost for the 5% highest domestic airfares? (rounded to nearest dollar)arrow_forwardusing 'standard Normal Table ' , calculate the following probabilities. 1. Pr(z < -1.12) 2. Pr(z >2.32) 3.pr(1.22 < z >2.53) 4.pr(-3.22 < z < 0.22) 5.pr(-2.36 < z < -0.50)arrow_forward
- Home prices in a particular neighborhood average $350k with a standard deviation of $30k. They are not Normally distributed. Your realtor pulls a random sample of 30 houses for you to look at. What is the probability that the average price of these 30 houses is more than $345k? (Please round your answer to 3 decimal places: ex, 0.123)arrow_forwardIndustry standards suggest that 12 percent of new vehicles require warranty service within the first year. University Toyota in Morgantown, WV sold 10 Toyotas yesterday. What is the probability that exactly one of these vehicles will require warranty service?arrow_forwardThe owner of Tastee Cookies needs to decide whether to lease a small, medium, or large new retail outlet. She estimates that monthly profits will vary with demand for her cookies as follows: SIZE OFOUTLET DEMAND LOW HIGH Small $ 1,000 1,000 Medium 500 2,500 Large 0 3,000 For what range of probability that demand will be high, will she decide to lease the medium facility?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning