Answered: The mean cost of domestic airfares in…

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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Question

The mean cost of domestic airfares in the United States rose to an all-time high of $385 per ticket. Assume domestic airfares are normally distributed with a standard deviation of $110.
(1) What is the probability that a domestic airfare is $550 or more?

2) What is the probability that a domestic airfare is $250 or less?
3) What is the probability that a domestic airfare is between $300 and $500?

0.6325
(4) What is the cost for the 3% highest domestic airfares?

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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