The cost per item at a supermarket follows an exponential distribution. There are many inexpensive items and a few relatively expensive ones. The mean cost per item is $4.5. What is the percentage of items that cost: a. Less than $1.5? (Round your answer to 4 decimal places.) Probability b. More than $5.5? (Round your answer to 4 decimal places.) Probability

MATLAB: An Introduction with Applications
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The cost per item at a supermarket
follows an exponential distribution.
There are many inexpensive items and
a few relatively expensive ones. The
mean cost per item is $4.5. What is the
percentage of items that cost:
a. Less than $1.5? (Round your answer
to 4 decimal places.)
Probability
b. More than $5.5? (Round your
answer to 4 decimal places.)
Probability
Transcribed Image Text:The cost per item at a supermarket follows an exponential distribution. There are many inexpensive items and a few relatively expensive ones. The mean cost per item is $4.5. What is the percentage of items that cost: a. Less than $1.5? (Round your answer to 4 decimal places.) Probability b. More than $5.5? (Round your answer to 4 decimal places.) Probability
c. Between $2.5 and $4.5? (Round
your answer to 4 decimal places.)
Probability
d. Find the 20th percentile. Eighty
percent of the supermarket items cost
more than what amount? (Round your
answer to 2 decimal places.)
Amount
Transcribed Image Text:c. Between $2.5 and $4.5? (Round your answer to 4 decimal places.) Probability d. Find the 20th percentile. Eighty percent of the supermarket items cost more than what amount? (Round your answer to 2 decimal places.) Amount
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