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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

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
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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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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