Statistical Techniques in Business and Economics

16th Edition

ISBN: 9780077639723

Author: Lind

Publisher: Mcgraw-Hill Course Content Delivery

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Textbook Question

Chapter 7, Problem 19E

According to the Internal Revenue Service, the mean tax refund for the year 2013 was $3,000. Assume the standard deviation is $450 and that the amounts refunded follow a normal probability distribution.

a. What percent of the refunds are more than $3,100?
b. What percent of the refunds are more than $3,100 but less than $3,500?
c. What percent of the refunds are more than $2,250 but less than $3,500?

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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Chapter 7, Problem 18E

Chapter 7, Problem 20E

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Chapter 7 Solutions

Statistical Techniques in Business and Economics

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Solution Summary: The author explains how to obtain the probability of value using MINTAB software: a. Find the percent of refunds that are more than 3,100.

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