During early 2012, economic hardship was stretching the limits of France’s welfaresystem. One indicator of the level of hardship was the increase in the number of people bringing items to a Paris pawnbroker; the number of people bringing items to thepawnbroker had increased to 658 per day (Bloomberg Businessweek, March 5–March 11,2012). Assume the number of people bringing items to the pawnshop per day in 2012 isnormally distributed with a mean of 658.a. Suppose you learn that on 3% of the days, 610 or fewer people brought items to thepawnshop. what is the standard deviation of the number of people bringing items tothe pawnshop per day?b. On any given day, what is the probability that between 600 and 700 people bring itemsto the pawnshop?
During early 2012, economic hardship was stretching the limits of France’s welfare
system. One indicator of the level of hardship was the increase in the number of people bringing items to a Paris pawnbroker; the number of people bringing items to the
pawnbroker had increased to 658 per day (Bloomberg Businessweek, March 5–March 11,
2012). Assume the number of people bringing items to the pawnshop per day in 2012 is
a. Suppose you learn that on 3% of the days, 610 or fewer people brought items to the
pawnshop. what is the standard deviation of the number of people bringing items to
the pawnshop per day?
b. On any given day, what is the probability that between 600 and 700 people bring items
to the pawnshop?
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