Suppose, household color TVs are replaced at an average age of μ = 7.4 years after purchase, and the (95% of data) range was from 5.4 to 9.4 years. Thus, the range was 9.4 − 5.4 = 4.0 years. Let x be the age (in years) at which a color TV is replaced. Assume that x has a distribution that is approximately normal. (a) The empirical rule indicates that for a symmetric and bell-shaped distribution, approximately 95% of the data lies within two standard deviations of the mean. Therefore, a 95% range of data values extending from μ − 2σ to μ + 2σ is often used for "commonly occurring" data values. Note that the interval from μ − 2σ to μ + 2σ is 4σ in length. This leads to a "rule of thumb" for estimating the standard deviation from a 95% range of data values. Estimating the standard deviationFor a symmetric, bell-shaped distribution, standard deviation ≈ range 4 ≈ high value − low value 4 where it is estimated that about 95% of the commonly occurring data values fall into this range. Use this "rule of thumb" to approximate the standard deviation of x values, where x is the age (in years) at which a color TV is replaced. (Round your answer to one decimal place.) yrs(b) What is the probability that someone will keep a color TV more than 5 years before replacement? (Round your answer to four decimal places.)(c) What is the probability that someone will keep a color TV fewer than 10 years before replacement? (Round your answer to four decimal places.)(d) Assume that the average life of a color TV is 7.4 years with a standard deviation of 1.0 years before it breaks. Suppose that a company guarantees color TVs and will replace a TV that breaks while under guarantee with a new one. However, the company does not want to replace more than 14% of the TVs under guarantee. For how long should the guarantee be made (rounded to the nearest tenth of a year)? yrs
Suppose, household color TVs are replaced at an average age of μ = 7.4 years after purchase, and the (95% of data) range was from 5.4 to 9.4 years. Thus, the range was 9.4 − 5.4 = 4.0 years. Let x be the age (in years) at which a color TV is replaced. Assume that x has a distribution that is approximately normal. (a) The empirical rule indicates that for a symmetric and bell-shaped distribution, approximately 95% of the data lies within two standard deviations of the mean. Therefore, a 95% range of data values extending from μ − 2σ to μ + 2σ is often used for "commonly occurring" data values. Note that the interval from μ − 2σ to μ + 2σ is 4σ in length. This leads to a "rule of thumb" for estimating the standard deviation from a 95% range of data values. Estimating the standard deviationFor a symmetric, bell-shaped distribution, standard deviation ≈ range 4 ≈ high value − low value 4 where it is estimated that about 95% of the commonly occurring data values fall into this range. Use this "rule of thumb" to approximate the standard deviation of x values, where x is the age (in years) at which a color TV is replaced. (Round your answer to one decimal place.) yrs(b) What is the probability that someone will keep a color TV more than 5 years before replacement? (Round your answer to four decimal places.)(c) What is the probability that someone will keep a color TV fewer than 10 years before replacement? (Round your answer to four decimal places.)(d) Assume that the average life of a color TV is 7.4 years with a standard deviation of 1.0 years before it breaks. Suppose that a company guarantees color TVs and will replace a TV that breaks while under guarantee with a new one. However, the company does not want to replace more than 14% of the TVs under guarantee. For how long should the guarantee be made (rounded to the nearest tenth of a year)? yrs
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
Related questions
Question
Suppose, household color TVs are replaced at an average age of μ = 7.4 years after purchase, and the (95% of data) range was from 5.4 to 9.4 years. Thus, the range was 9.4 − 5.4 = 4.0 years. Let x be the age (in years) at which a color TV is replaced. Assume that x has a distribution that is approximately normal.
(a) The empirical rule indicates that for a symmetric and bell-shaped distribution, approximately 95% of the data lies within two standard deviations of the mean. Therefore, a 95% range of data values extending from μ − 2σ to μ + 2σ is often used for "commonly occurring" data values. Note that the interval from μ − 2σ to μ + 2σ is 4σ in length. This leads to a "rule of thumb" for estimating the standard deviation from a 95% range of data values.
yrs
(b) What is theprobability that someone will keep a color TV more than 5 years before replacement? (Round your answer to four decimal places.)
(c) What is the probability that someone will keep a color TV fewer than 10 years before replacement? (Round your answer to four decimal places.)
(d) Assume that the average life of a color TV is 7.4 years with a standard deviation of 1.0 years before it breaks. Suppose that a company guarantees color TVs and will replace a TV that breaks while under guarantee with a new one. However, the company does not want to replace more than 14% of the TVs under guarantee. For how long should the guarantee be made (rounded to the nearest tenth of a year)?
yrs
Estimating the standard deviation
For a symmetric, bell-shaped distribution,
where it is estimated that about 95% of the commonly occurring data values fall into this range.
Use this "rule of thumb" to approximate the standard deviation of x values, where x is the age (in years) at which a color TV is replaced. (Round your answer to one decimal place.)For a symmetric, bell-shaped distribution,
| standard deviation ≈ |
|
≈ |
|
yrs
(b) What is the
(c) What is the probability that someone will keep a color TV fewer than 10 years before replacement? (Round your answer to four decimal places.)
(d) Assume that the average life of a color TV is 7.4 years with a standard deviation of 1.0 years before it breaks. Suppose that a company guarantees color TVs and will replace a TV that breaks while under guarantee with a new one. However, the company does not want to replace more than 14% of the TVs under guarantee. For how long should the guarantee be made (rounded to the nearest tenth of a year)?
yrs
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.Recommended textbooks for you
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON