Essentials of Statistics for Business and Economics
9th Edition
ISBN: 9780357118191
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams
Publisher: Cengage Learning US
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Textbook Question
Chapter 6, Problem 42SE
Bringing Items to a Pawnshop. One indicator of the level of economic hardship is the number of people who bring items to a pawnbroker. Assume that the number of people bringing items to a pawnshop per day in is
- a. Suppose you learn that on 3% of the days, 610 or fewer people brought items to the pawnshop. What is the standard deviation of the number of people bringing items to the pawnshop per day?
- b. On any given day, what is the
probability that between 600 and 700 people bring items to the pawnshop? - c. How many people bring items to the pawnshop on the busiest 3% of days?
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A well-known company predominantly makes flat pack furniture for students. Variability with the automated machinery means the wood components are cut with a standard deviation in length of 0.45 mm. After they are cut the components are measured. If their length is more than 1.2 mm from the required length, the components are rejected.
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Chapter 6 Solutions
Essentials of Statistics for Business and Economics
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