Answered: The amount of money spent weekly on…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

The amount of money spent weekly on cleaning, maintenance, and repairs at a large restaurant was observed over a long period of time to be approximately normally distributed, with mean μ = $607 and standard deviation σ = $39.

(a) If $646 is budgeted for next week, what is the probability that the actual costs will exceed the budgeted amount? (Round your answer to four decimal places.)

(b) How much should be budgeted for weekly repairs, cleaning, and maintenance so that the probability that the budgeted amount will be exceeded in a given week is only 0.09? (Round your answer to the nearest dollar.)

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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