Explain why it is not possible to determine the probability that the next Sunday customer will spend at least $40.

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Answer 1

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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.

Chapter 14, Problem 4E

(a)

To determine

Explain why it is not possible to determine the probability that the next Sunday customer will spend at least $40.

(b)

To determine

Explain whether it is possible to estimate the probability that the next 10 Sunday customers will spend an average of at least $40.

(c)

To determine

Explain whether it is possible to estimate that the next 50 Sunday customers will spend an average of at least $40.

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A company found that the daily sales revenue of its flagship product follows a normal distribution with a mean of $4500 and a standard deviation of $450. The company defines a "high-sales day" that is, any day with sales exceeding $4800. please provide a step by step on how to get the answers in excel Q: What percentage of days can the company expect to have "high-sales days" or sales greater than $4800? Q: What is the sales revenue threshold for the bottom 10% of days? (please note that 10% refers to the probability/area under bell curve towards the lower tail of bell curve) Provide answers in the yellow cells

Answer 2

Question

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.

Chapter 14, Problem 4E

(a)

To determine

Explain why it is not possible to determine the probability that the next Sunday customer will spend at least $40.

(b)

To determine

Explain whether it is possible to estimate the probability that the next 10 Sunday customers will spend an average of at least $40.

(c)

To determine

Explain whether it is possible to estimate that the next 50 Sunday customers will spend an average of at least $40.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

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.

Chapter 14, Problem 4E

(a)

To determine

Explain why it is not possible to determine the probability that the next Sunday customer will spend at least $40.

(b)

To determine

Explain whether it is possible to estimate the probability that the next 10 Sunday customers will spend an average of at least $40.

(c)

To determine

Explain whether it is possible to estimate that the next 50 Sunday customers will spend an average of at least $40.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

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.

Chapter 14, Problem 4E

(a)

To determine

Explain why it is not possible to determine the probability that the next Sunday customer will spend at least $40.

(b)

To determine

Explain whether it is possible to estimate the probability that the next 10 Sunday customers will spend an average of at least $40.

(c)

To determine

Explain whether it is possible to estimate that the next 50 Sunday customers will spend an average of at least $40.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 14, Problem 4E

(a)

To determine

Explain why it is not possible to determine the probability that the next Sunday customer will spend at least $40.

(b)

To determine

Explain whether it is possible to estimate the probability that the next 10 Sunday customers will spend an average of at least $40.

(c)

To determine

Explain whether it is possible to estimate that the next 50 Sunday customers will spend an average of at least $40.

Answer 6

Chapter 14, Problem 4E

(a)

To determine

Explain why it is not possible to determine the probability that the next Sunday customer will spend at least $40.

Answer 7

Chapter 14, Problem 4E

(a)

To determine

Explain why it is not possible to determine the probability that the next Sunday customer will spend at least $40.

Answer 8

(b)

To determine

Explain whether it is possible to estimate the probability that the next 10 Sunday customers will spend an average of at least $40.

Answer 9

(b)

To determine

Explain whether it is possible to estimate the probability that the next 10 Sunday customers will spend an average of at least $40.

Answer 10

(c)

To determine

Explain whether it is possible to estimate that the next 50 Sunday customers will spend an average of at least $40.

Answer 11

(c)

To determine

Explain whether it is possible to estimate that the next 50 Sunday customers will spend an average of at least $40.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 14.2 - Every 10 years, the United States takes a census....Ch. 14.2 - Prob. 2JC Ch. 14.2 - Prob. 3JC Ch. 14.2 - Every 10 years, the United States takes a census....Ch. 14.2 - Prob. 5JC Ch. 14.3 - Prob. 6JC Ch. 14 - Salmon A specialty food company sells whole King...Ch. 14 - LSAT The LSAT (a test taken for law school...Ch. 14 - Prob. 3E Ch. 14 - Prob. 4E

Explain why it is not possible to determine the probability that the next Sunday customer will spend at least $40.

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Explain why it is not possible to determine the probability that the next Sunday customer will spend at least $40.

Explain whether it is possible to estimate the probability that the next 10 Sunday customers will spend an average of at least $40.

Explain whether it is possible to estimate that the next 50 Sunday customers will spend an average of at least $40.

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