Answered: (a) What is the probability that more…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The amount of time spent by a statistical consultant with a client at their first meeting is a random variable having a normal distribution with a mean value of 90 min and a standard deviation of 10 min.

(a) What is the probability that more than 65 min is spent at the first meeting? (Round your answer to four decimal places.)
P(y > 65) =

(b) What amount of time (in min) is exceeded by only 10% of all clients at a first meeting? (Round the answer to one decimal place.)

(c) If the consultant assesses a fixed charge of $10 (for overhead) and then charges $50 per hour, what is the mean revenue from a client's first meeting? (Round your answer to the nearest cent.)

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 + ...

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