Statistics for Business and Economics
8th Edition
ISBN: 9780132745659
Author: Paul Newbold, William Carlson, Betty Thorne
Publisher: PEARSON
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Chapter 5.2, Problem 16E
To determine
Calculate the mean and standard deviation of annual income.
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- Assume that the traffic to the web site of Smiley’s People, Inc., which sells customized T-shirts, follows a normal distribution, with a mean of 4.48 million visitors per day and a standard deviation of 800,000 visitors per day. (a) What is the probability that the web site has fewer than 5 million visitors in a single day? If needed, round your answer to four decimal digits. (b) What is the probability that the web site has 3 million or more visitors in a single day? If needed, round your answer to four decimal digits. (c) What is the probability that the web site has between 3 million and 4 million visitors in a single day? If needed, round your answer to four decimal digits. (d) Assume that 85% of the time, the Smiley’s People web servers can handle the daily web traffic volume without purchasing additional server capacity. What is the amount of web traffic that will require Smiley’s People to purchase additional server capacity? If needed, round your…arrow_forwardI have a poisson distribution with a mean of 4. What is the standard deviation?arrow_forwardAssume that the traffic to the web site of Smiley's People, Inc., which sells customized T-shirts, follows a normal distribution, with a mean of 4.48 million visitors per day and a standard deviation of 900,000 visitors per day. (a) What is the probability that the web site has fewer than 5 million visitors in a single day? If needed, round your answer to four decimal digits, (b) What is the probability that the web site has 3 million or more visitors in a single day? If needed, round your answer to four decimal digits. (e) What is the probability that the web site has between 3 million and 4 million visitors in a single day? If needed, round your answer to four decimal digits. (d) Assume that 85% of the time, the Smiley's People web servers can handle the daily web traffic volume without purchasing additional server capacity. What is the amount of we traffic that will require Smiley's People to purchase additional server capacity? If needed, round your answer to two decimal digits.…arrow_forward
- The graph shows the distribution of the lengths (in seconds) of videos on a popular video-streaming site. The distribution is approximately Normal, with a mean of 264 seconds and a standard deviation of 75 seconds. Streaming Videos -36 39 114 189 264 339 414 489 564 Length (Seconds) What percentage of videos on the streaming site are between 39 and 189 seconds? 0.15% 15.85% O 16% 34%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_forwardQuestion 4 The time taken by employees at Grace Floral shop to put a bouquet together has a normal distribution with mean 26.4 minutes and standard deviation .8 minutes. (i) (ii) Find the probability that an employee chosen at random takes less than 26.3 minutes to put a bouquet together. 20% of employees take more than t minutes to put a bouquet together. (ii) Find the value of t.arrow_forward
- Suppose the profit a Honda dealership makes on the next 5 Accords it sells are:504, 1,027, 867, 1,434, 1,372. Calculate the standard deviation of the sample. (please express your answer using 2 decimal places).arrow_forwardThe total cost for a production process is equal to $1,000 plus two times the number of units produced. The mean and variance for the number of units produced are 500 and 900, respectively. Find the mean and variance of the total cost.arrow_forwardGIL internet services record customer usage patterns. Historically they have found the duration of an internet session is normally distributed with an average duration of 77.5 minutes and a standard deviation of 20.6 minutes. What is the probability a randomly selected session would last longer than two hours or less than thirty-five minutes? (4 decimal places)arrow_forward
- The profit for a production process is equal to $1,000 minus two times the number of units produced. The mean and variance for the number of units produced are 50 and 90, respectively. Find the mean and variance of the profit.arrow_forwardThe life of button batteries is normally distributed with a mean of 68.1 hours and a standard deviation of 18 hours 936 of the button batteries will last more than how many hours? (2 decimal places)arrow_forwardA consultant is beginning work on three projects. The expected profits from these projects are $50,000, $72,000, and $40,000. The associated standard deviations are $10,000, $12,000, and $9,000. Assuming independence of outcomes, find the mean and standard deviation of the consultant’s total profit from these three projects.arrow_forward
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