Answered: A Cape Town-based restaurant has three…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Question

A Cape Town-based restaurant has three sources of revenue: eat-in orders, take-out orders and a bar. The daily
revenue from each source is normally distributed with mean and standard deviation shown in the table:

1.Determine the probability that the revenue from the bar exceeded R1 300 on a particular day.
A 0.3051
B 0.6949
C 0.8051
D 0.1949

2.Determine the minimum amount spent on eat-in orders by the top 5 percent of spenders on a particular day.
A R11 574
B R13 915
C R12 027
D R11 093

3. Determine the probability that on a particular day, the restaurant generated revenues of exactly R11 699.16, R1 394.32 and R1 596.80 from the eat-in orders, take-out orders and the bar respectively. Assume that the three revenue sources are independent of each other.
A 0.0298
B 0.0191
C 0.0064
D 0.8118

Source
Eat-in
Take-out
Bar
Mean
R11 560
R1 282
R1 424
Standard deviation
R284
R156
R144

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

Expert Solution