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

See similar textbooks

Related questions

Question

100%

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
%.
%
%.

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.

Expert Solution