The mean cost of domestic airfares in the United States rose to an all-time high of $375 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $105. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $530 or more (to 4 decimals)? b. What is the probability that a domestic airfare is $265 or less (to 4 decimals)? c. What if the probability that a domestic airfare is between $320 and $510 (to 4 decimals)

The mean cost of domestic airfares in the United States rose to an all-time high of $375 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $105. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $530 or more (to 4 decimals)? b. What is the probability that a domestic airfare is $265 or less (to 4 decimals)? c. What if the probability that a domestic airfare is between $320 and $510 (to 4 decimals)

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

The mean cost of domestic airfares in the United States rose to an all-time high of $375 per bicket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines
plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $105. Use Table 1 in Appendix B.
a. What is the probability that a domestic airfare is $530 or more (to 4 decimals)?
b. What is the probability that a domestic airfare is $265 or less (to 4 decimals)?
c. What if the probability that a domestic airfare is between $320 and $510 (to 4 decimals)?
d. What is the cost for the 3% highest domestic airfares? (rounded to nearest dollar)
or Select your answer

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