A major cab company in Chicago has computed its mean fare from O'Hare Airport to the Drake Hotel to be $28.54 , with a standard deviation of $ 4.91. Based on this information, complete the following statements about the distribution of the company's fares from O'Hare Airport to the Drake Hotel. A. According to Chebyshev's theorem, at least ___%? of the fares lie between $18.72 dollars and $38.36 dollars. B. According to Chebyshev's theorem, at least 56% of the fares lie between _? dollars and _? dollars. (Round your answer to 2 decimal places.)
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
A major cab company in Chicago has computed its mean fare from O'Hare Airport to the Drake Hotel to be $28.54 , with a standard deviation of $ 4.91. Based on this information, complete the following statements about the distribution of the company's fares from O'Hare Airport to the Drake Hotel.
A. According to Chebyshev's theorem, at least ___%? of the fares lie between $18.72 dollars and $38.36 dollars.
B. According to Chebyshev's theorem, at least 56% of the fares lie between _? dollars and _? dollars. (Round your answer to 2 decimal places.)
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