The average tip percentage at a restaurant is 16% with a standard deviation of 2%. Suppose we wanted to know the probability that the average tip of 20 bills is higher than 16%. Can we complete the problem? Yes the probability is 0.5 since half of the area is to the right. No we do not know if the tip distribution is normal

The average tip percentage at a restaurant is 16% with a standard deviation of 2%. Suppose we wanted to know the probability that the average tip of 20 bills is higher than 16%. Can we complete the problem? Yes the probability is 0.5 since half of the area is to the right. No we do not know if the tip distribution is normal

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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Jack's clothing sells on average, 25 shirts per week, sometimes a little more, sometimes a little less but typically a deviation of about 3. The cost per jacket is $65. Because Jack's is located in a sketchy part of town their insurance on inventory is 33% on all goods. The good news is free shipping to customers although UPS charges Jack's $8.50 for every delivery. It takes 2 weeks from the time jackets are ordered until they are received. Jack's supplier has said they only ship by pallet, and each pallet contains 75 jackets. If the reorder point is 50 what is the average flow time?
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Please explain how to solve as well.
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