**Understanding Probability in Domestic Airfares**The mean cost of domestic airfares in the United States rose to an all-time high of $385 per ticket. This price includes the total ticket value, consisting of the cost charged by airlines plus any additional taxes and fees. Assuming domestic airfares follow a normal distribution with a standard deviation of $115, you can use statistical analysis to determine probabilities related to airfare costs.**Probability Questions:**a. **Probability of a Domestic Airfare $545 or More:** - What is the probability that a domestic airfare is $545 or more? - **Probability:** 0.0821b. **Probability of a Domestic Airfare $240 or Less:** - What is the probability that a domestic airfare is $240 or less? - **Probability:** 0.1037c. **Probability of a Domestic Airfare Between $320 and $510:** - What is the probability that a domestic airfare is between $320 and $510? - **Probability:** 0.5775d. **Cost for the 3% Highest Domestic Airfares:** - What is the cost for the top 3% highest domestic airfares (rounded to the nearest dollar)? - **Conclusion:** $ **or moreThese analyses help assess the likelihood of different fare prices under the assumption of normal distribution. Use statistical tables or software for precise calculations.

Answered: Image /qna-images/answer/12312816-b604-41b7-b468-2f4bbc9feffb.jpg

The mean cost of domestic airfares in the United States rose to an all-time high of $385 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus a additional taxes and fees. ASsume domestic airfares are normally distributed with a standard deviation of $115. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $545 or more (to 4 decimals)? 0.0821 b. What is the probability that a domestic airfare is $240 or less (to 4 decimals)? 0.1037 c. What if the probability that a domestic airfare is between $320 and $510 (to 4 decimals)? 0.5775

The mean cost of domestic airfares in the United States rose to an all-time high of $385 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus a additional taxes and fees. ASsume domestic airfares are normally distributed with a standard deviation of $115. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $545 or more (to 4 decimals)? 0.0821 b. What is the probability that a domestic airfare is $240 or less (to 4 decimals)? 0.1037 c. What if the probability that a domestic airfare is between $320 and $510 (to 4 decimals)? 0.5775

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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