A national restaurant chain is composed of 6500 restaurants, each of which is located in close proximity to an interstate highway. The restaurant's business strategy is to serve its core customer base: people travelling on the interstate highway system who are looking for a quality dining experience. Customers generally enjoy the restaurant chain's menu, atmosphere, and consistency from restaurant to restaurant. The company's leadership, located at corporate headquarters, is very interested in the relationship between the cost of a gallon of gasoline and the company's revenue. Specifically, the company is concerned that if gasoline prices rise in the near future, the company's revenue will decline dramatically. The company's research department recently collected data for analysis in order to support leadership's upcoming discussion of whether the company should expand and diversify to locations away from an interstate highway. Annual revenue figures from a random sample of 150 restaurants were collected. The research division also collected and calculated the average annual cost of gasoline at these 150 restaurants by randomly selecting three gasoline stations near each restaurant. Historical data was then used to calculate the average annual cost of gasoline. The Restaurant Number, Geographic Region, Annual Revenue, Average Cost of Gasoline, Miles from the Interstate, Square Footage and Annual Increase in Revenue were collected for these 150 restaurants. Corporate headquarters is interested in analyzing the square footage of this sample of 150 of its restaurants. Calculate the probability of randomly selecting a store with less than 11,000 square feet. (Use the mean and standard deviation of the Square Feet data. Also, if appropriate based upon your visual analysis of a histogram of the Square Feet data, use the Normal distribution to answer this question.) Standard Deviation: 1,064.59 Mean: 11,955.6 Answer: _____%
A national restaurant chain is composed of 6500 restaurants, each of which is located in close proximity to an interstate highway. The restaurant's business strategy is to serve its core customer base: people travelling on the interstate highway system who are looking for a quality dining experience. Customers generally enjoy the restaurant chain's menu, atmosphere, and consistency from restaurant to restaurant. The company's leadership, located at corporate headquarters, is very interested in the relationship between the cost of a gallon of gasoline and the company's revenue. Specifically, the company is concerned that if gasoline prices rise in the near future, the company's revenue will decline dramatically. The company's research department recently collected data for analysis in order to support leadership's upcoming discussion of whether the company should expand and diversify to locations away from an interstate highway. Annual revenue figures from a random sample of 150 restaurants were collected. The research division also collected and calculated the average annual cost of gasoline at these 150 restaurants by randomly selecting three gasoline stations near each restaurant. Historical data was then used to calculate the average annual cost of gasoline. The Restaurant Number, Geographic Region, Annual Revenue, Average Cost of Gasoline, Miles from the Interstate, Square Footage and Annual Increase in Revenue were collected for these 150 restaurants.
Answer: _____%
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