Answered: Consumers spend an average mean of $21…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.3: Measures Of Spread

Problem 16HP

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Question

Consumers spend an average mean of $21 per week in cash without being aware of where it goes. Assume that the amount of cash spent without being aware of where it goes is normally distributed and that the standard deviation is $5. For a consumer selected at random:

a. What is the probability that a randomly selected person will spend more than $25?

b. What is the probability that a randomly selected person will spend less than $20?

c. Find the standard error of the mean for a sample of 64 people.

d. Find the probability that the average amount of cash spent without being aware of where it goes for a sample of 64 people is between $20 and $22.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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