Compute the mean , variance and standard deviation of the population.

Question

Want to see the full answer?

Answer 1

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 3, Problem 39PS

a.

To determine

Compute the mean, variance and standard deviation of the population.

b.

To determine

Compute the percentage of 50 businesses having quarterly sales tax receipts that are within ±1,±2 and ±3 standard deviations of mean.

c.

To determine

Make comparison of the obtained proportions based on the empirical rule.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

In order to find probability, you can use this formula in Microsoft Excel: The best way to understand and solve these problems is by first drawing a bell curve and marking key points such as x, the mean, and the areas of interest. Once marked on the bell curve, figure out what calculations are needed to find the area of interest. =NORM.DIST(x, Mean, Standard Dev., TRUE). When the question mentions “greater than” you may have to subtract your answer from 1. When the question mentions “between (two values)”, you need to do separate calculation for both values and then subtract their results to get the answer. 1. Compute the probability of a value between 44.0 and 55.0. (The question requires finding probability value between 44 and 55. Solve it in 3 steps. In the first step, use the above formula and x = 44, calculate probability value. In the second step repeat the first step with the only difference that x=55. In the third step, subtract the answer of the first part from the…

If a uniform distribution is defined over the interval from 6 to 10, then answer the followings: What is the mean of this uniform distribution? Show that the probability of any value between 6 and 10 is equal to 1.0 Find the probability of a value more than 7. Find the probability of a value between 7 and 9. The closing price of Schnur Sporting Goods Inc. common stock is uniformly distributed between $20 and $30 per share. What is the probability that the stock price will be: More than $27? Less than or equal to $24? The April rainfall in Flagstaff, Arizona, follows a uniform distribution between 0.5 and 3.00 inches. What is the mean amount of rainfall for the month? What is the probability of less than an inch of rain for the month? What is the probability of exactly 1.00 inch of rain? What is the probability of more than 1.50 inches of rain for the month? The best way to solve this problem is begin by creating a chart. Clearly mark the range, identifying the lower and upper…

Problem 1: The mean hourly pay of an American Airlines flight attendant is normally distributed with a mean of 40 per hour and a standard deviation of 3.00 per hour. What is the probability that the hourly pay of a randomly selected flight attendant is: Between the mean and $45 per hour? More than $45 per hour? Less than $32 per hour? Problem 2: The mean of a normal probability distribution is 400 pounds. The standard deviation is 10 pounds. What is the area between 415 pounds and the mean of 400 pounds? What is the area between the mean and 395 pounds? What is the probability of randomly selecting a value less than 395 pounds? Problem 3: In New York State, the mean salary for high school teachers in 2022 was 81,410 with a standard deviation of 9,500. Only Alaska’s mean salary was higher. Assume New York’s state salaries follow a normal distribution. What percent of New York State high school teachers earn between 70,000 and 75,000? What percent of New York State high school…

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 3, Problem 39PS

a.

To determine

Compute the mean, variance and standard deviation of the population.

b.

To determine

Compute the percentage of 50 businesses having quarterly sales tax receipts that are within ±1,±2 and ±3 standard deviations of mean.

c.

To determine

Make comparison of the obtained proportions based on the empirical rule.

Expert Solution & Answer

Want to see the full answer?

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 3, Problem 39PS

a.

To determine

Compute the mean, variance and standard deviation of the population.

b.

To determine

Compute the percentage of 50 businesses having quarterly sales tax receipts that are within ±1,±2 and ±3 standard deviations of mean.

c.

To determine

Make comparison of the obtained proportions based on the empirical rule.

Expert Solution & Answer

Want to see the full answer?

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 3, Problem 39PS

a.

To determine

Compute the mean, variance and standard deviation of the population.

b.

To determine

Compute the percentage of 50 businesses having quarterly sales tax receipts that are within ±1,±2 and ±3 standard deviations of mean.

c.

To determine

Make comparison of the obtained proportions based on the empirical rule.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 39PS

a.

To determine

Compute the mean, variance and standard deviation of the population.

b.

To determine

Compute the percentage of 50 businesses having quarterly sales tax receipts that are within ±1,±2 and ±3 standard deviations of mean.

c.

To determine

Make comparison of the obtained proportions based on the empirical rule.

Answer 6

Chapter 3, Problem 39PS

a.

To determine

Compute the mean, variance and standard deviation of the population.

Answer 7

Chapter 3, Problem 39PS

a.

To determine

Compute the mean, variance and standard deviation of the population.

Answer 8

b.

To determine

Compute the percentage of 50 businesses having quarterly sales tax receipts that are within ±1,±2 and ±3 standard deviations of mean.

Answer 9

b.

To determine

Compute the percentage of 50 businesses having quarterly sales tax receipts that are within ±1,±2 and ±3 standard deviations of mean.

Answer 10

c.

To determine

Make comparison of the obtained proportions based on the empirical rule.

Answer 11

c.

To determine

Make comparison of the obtained proportions based on the empirical rule.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 15

Ch. 3 - The following set of data is from sample of n=5:...Ch. 3 - The following set of data is from sample of n=6:...Ch. 3 - The following set of data is from sample of n=7:...Ch. 3 - The following set of data is from sample of n=5:...Ch. 3 - Suppose that the rate of return for a particular...Ch. 3 - Suppose that the rate of return for a particular...Ch. 3 - Prob. 7PS Ch. 3 - The operation manager of a plant that manufactures...Ch. 3 - Prob. 9PS Ch. 3 - The file FastFood contains the amount that a...

Compute the mean , variance and standard deviation of the population.

Solution Summary: The author explains how to calculate the mean, variance, and standard deviation of the population using Excel.

Videos

Compute the mean, variance and standard deviation of the population.

Compute the percentage of 50 businesses having quarterly sales tax receipts that are within ±1,±2 and ±3 standard deviations of mean.

Make comparison of the obtained proportions based on the empirical rule.

Want to see the full answer?

Chapter 3 Solutions