2. ABC Bicycle Shop in Ottawa sells mountain bikes and offers a maintenanceprogram to its customers. The manager has found the repair bill during the mainte-nance program's first year to follow a distribution with mean $15.30 and standarddeviation $7.00.(a) What is the probability a random sample of 40 customers will have amean repair cost exceeding $16.00?(b) What is the probability the mean repair cost for a sample of 100 gus-tomers, will be between $15.10 and $15.80?(c) The manager has decided to offer a spring special. He is aware of themean and standard deviation for repair bills last year. Therefore, he has decidedto randomly select and repair the first 50 bicycles for $14.00 each. Since this isa risky thing to do, the manager wants to know the probability that the springspecial offer would lead him to have a net loss. Please calculate the probabilityfor him.

Answered: 2. ABC Bicycle Shop in Ottawa sells…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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The rent for a one-bedroom apartment in Wooster is a normally distributed random variable with a mean of $500 and a standard deviation of $50. a. What is the probability that the rent for a one-bedroom apartment will be between $460 and $540? b. Determine the maximum rent of the lowest 20% of all apartments. c. If the rents for 1000 one-bedroom apartments are at least $510, how many one-bedroom apartments are in Wooster?
Data from the Bureau of Labor Statistics indicates that in a certain month, 33.1% of the labor force had a high school diploma or fewer years of education, 20.2% had some college or an associate's degree, and 46.7% had a bachelor's degree or more education. Of those with a high school diploma or fewer years of education, 9.1% were unemployed. Of those with some college or an associate's degree, 3.3% were unemployed, and of those with a bachelor's degree or more education, 3.1% were unemployed. Find the probability that a randomly chosen labor force participant has a high school diploma or less education given that he or she is unemployed. ..... The probability is (Type an integer or decimal rounded to three decimal places as needed.)
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