this population, and the mean of each sample is determined.The mean, ux,isThe standard error of the mean, Oy, is(Round your answer to 2 decimal places).QUESTION 4The average number of miles driven each day by a group of drivers is 20.7 miles with a standard deviation of 6.5 miles. If you randomly select 50 drivers, what is the probabilitythat the average number of miles driven each day is between 19.4 and 22.5 miles? Round your answer to 4 decimal places.Click Save and Submit to save and submit. Click Save All Answers to save all answers.Save All Answers5,337MAY24MacBook AirB口F3888F2F41880%232443T

Given: Population meanμ=20.7Population standard deviationσ=6.5Sample size(n)=50

Answered: QUESTION 4 The average number of miles…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. A sales man, figure that a contract results in a sale with 2. During a given day, he contacted two prospective clients. Calculate the probability distribution for X, the number of clients who signed the sales contract, so that the variance and standard deviation is found.
5. A shipment of 24 electric stoves is rejected if three 3 are checked for defects and at least one 1 is found ton be defective. Find the probability that the shipment will be returned if there are actually six stoves that are defectives.
1. Suppose the prices of used cars in the market are normally distributed with a mean of $15,000 and a standard deviation of $7,5000. What is the probability of selecting a car from this market and its priced above $20,000.
Question 21 On the average, the amount of money that a customer spends in the store is $40 with a standard deviation $1O. The probability that the total spending of 4 customers in the store is over $170 is closest to 0.1543 0.3085 0.2376 O 0.4013 not able to calculate
On Monday's there are eight classes taught in the business building. The probability that any of those classes starts late is 0.3. What is the probability that at least one these classes will start late on Monday?
Please do not give solution in image format thanku
Given the following data with 25 % probability Bidder 1 bids 100 and Bidder 2 bids 80. What is the winning bid? Select the correct response 80 45 100 25
A campus finance officer finds that, for all parking tickets issued, fines are paid for 78% of the tickets. The fine is $2. In the most recent week, 620 parking tickets have been issued.a. Find the mean and standard deviation of the number of these tickets for which the fines will be paid.b. Find the mean and standard deviation of the amount of money that will be obtained from the payment of these fines.
Industry standards suggest that 12 percent of new vehicles require warranty service within the first year. University Toyota in Morgantown, WV sold 10 Toyotas yesterday. What is the probability that exactly one of these vehicles will require warranty service?
7. The amount spent by a customer on a Summer Cruise has a normal distribution with a mean of $95.60 and a standard deviation of $5. a) Calculate the probability that a randomly selected customer spends less than $95. b) The probability that customers spend more than x dollars is 0.2810. Find the value of r.
Question 6 A club is choosing 2 members to serve on a committee. The club has nominated 2 women and 3 men. Based on chance alone, what is the probability no women are chosen to be on the committee?

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