Answered: Two companies, A and B, drill wells 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

Two companies, A and B, drill wells in a rural area. Company A charges a flat fee of 3296 dollars to drill a well regardless of its depth. Company B charges 878 dollars plus 10 dollars per foot to drill a well. The depths of wells drilled in this area have a normal distribution with a mean of 235 feet and a standard deviation of 40 feet. Find the mean amount charged by Company B to drill a well.

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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