The prices paid for a model of a new car are approximately normally distributed with a mean of $17,000 and a standard deviation of $500.The price that is 3 standard deviations above the mean is $_____ .The price that is 2 standard deviations below the mean is $_____ .The percentage of buyers who paid between $16,500 and $17,500 is _____%The percentage of buyers who paid between $17,000 and $18,000 is _____%.The percentage of buyers who paid less than $16,000 is _____%. The prices paid for a model of a new car are approximately normally distributed with a mean of $17,000 and astandard deviation of $500.The price that is 3 standard deviations above the mean is $The price that is 2 standard deviations below the mean is $The percentage of buyers who paid between $16,500 and $17,500 isThe percentage of buyers who paid between $17,000 and $18,000 isThe percentage of buyers who paid less than $16,000 is%.%%.

We have given that Mean(µ) = 17000Standard deviations (σ) = 500X ~ N (µ, σ )= N(17000, 500) Now, by…

Answered: The prices paid for a model of a new…

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 prices paid for a model of a new car are approximately normally distributed with a mean of $17,000 and a standard deviation of $500.

The price that is 3 standard deviations above the mean is $_____ .

The price that is 2 standard deviations below the mean is $_____ .

The percentage of buyers who paid between $16,500 and $17,500 is _____%

The percentage of buyers who paid between $17,000 and $18,000 is _____%.

The percentage of buyers who paid less than $16,000 is _____%.

The prices paid for a model of a new car are approximately normally distributed with a mean of $17,000 and a
standard deviation of $500.
The price that is 3 standard deviations above the mean is $
The price that is 2 standard deviations below the mean is $
The percentage of buyers who paid between $16,500 and $17,500 is
The percentage of buyers who paid between $17,000 and $18,000 is
The percentage of buyers who paid less than $16,000 is
%.
%
%.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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