Answered: Suppose that the distribution of Uber…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose that the distribution of Uber rides around the quoted arrival time is normally distributed. The
mean waiting time (relative to the quoted time) is 0, with a standard deviation of 3 minutes.
a. Using the empirical rule, what percentage of rides arrive within 3 minutes of the mean (3 minutes
before to 3 minutes after)?
b. Graphically depict the area that would need to be calculated to determine the probability of
waiting more than 4 minutes for a ride. Explain your graph.

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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