Question

The mean cost of domestic airfares in the United States rose to an all-time high of...

The mean cost of domestic airfares in the United States rose to an all-time high of $390 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $110. Use Table 1 in Appendix B.

a. What is the probability that a domestic airfare is $545 or more (to 4 decimals)?

b. What is the probability that a domestic airfare is $255 or less (to 4 decimals)?

c. What if the probability that a domestic airfare is between $320 and $500 (to 4 decimals)?

d. What is the cost for the 5% highest domestic airfares? (rounded to nearest dollar)

Homework Answers

Answer #1

Solution :

Given that:

mean µ = 390

standard deviation σ = 110

a. P(x >= 540) = P((x - µ)/σ >= (545 - 390)/110)

= P(Z >= 1.4090)

= 1 − P(Z < 1.4090)

= 1 − 0.9207

= 0.0793

b. P(x <= 255) = P((x - µ)/σ <= (255 - 390)/110)

= P(Z <= -1.2273)

= 1 − P(Z < 1.2273)

= 1 − 0.8907

= 0.1093

c. P(320 < x < 500) = P((320 - 390)/110 < (x - µ)/σ < (500 - 390)/110)

= P(-0.6364 < Z < 1)

= 0.5802

d. => the 5% highest domestic airfares p = 0.05 then Z = 1.64

=> X = µ + Z*σ

= 390 + 1.64*110

= 570.4

= 570 (rounded to nearest dollar)

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The mean cost of domestic airfares in the United States rose to an all-time high of...
The mean cost of domestic airfares in the United States rose to an all-time high of $390 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $100. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $545 or more (to 4 decimals)? b. What is the...
The mean cost of domestic airfares in the United States rose to an all-time high of...
The mean cost of domestic airfares in the United States rose to an all-time high of $390 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $100. Use Table 1 in Appendix B. A. What is the probability that a domestic airfare is $260 or less (to 4 decimals)? B. What if the...
The mean cost of domestic airfares in the United States rose to an all-time high of...
The mean cost of domestic airfares in the United States rose to an all-time high of $375 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $120. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $560 or more (to 4 decimals)? b. What is the...
The mean cost of domestic airfares in the United States rose to an all-time high of...
The mean cost of domestic airfares in the United States rose to an all-time high of $380 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $100. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $555 or more (to 4 decimals)? b. What is the...
The mean cost of domestic airfares in the United States rose to an all-time high of...
The mean cost of domestic airfares in the United States rose to an all-time high of $385 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $120. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $550 or more (to 4 decimals)? b. What is the...
The mean cost of domestic airfares in the United States rose to an all-time high of...
The mean cost of domestic airfares in the United States rose to an all-time high of $390 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $120. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $540 or more (to 4 decimals)? b. What is the...
The mean cost of domestic airfares in the United States rose to an all-time high of...
The mean cost of domestic airfares in the United States rose to an all-time high of $395 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $100. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $540 or more (to 4 decimals)? b. What is the...
The mean cost of domestic airfares in the United States rose to an all-time high of...
The mean cost of domestic airfares in the United States rose to an all-time high of $385 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $115. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $560 or more (to 4 decimals)? b. What is the...
The mean cost of domestic airfares in the United States rose to an all-time high of...
The mean cost of domestic airfares in the United States rose to an all-time high of $380 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $105. a. What is the probability that a domestic airfare is $545 or more (to 4 decimals)? b. What is the probability that a domestic airfare is...
The mean cost of domestic airfares in the United States rose to an all-time high of...
The mean cost of domestic airfares in the United States rose to an all-time high of $390 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $100. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $540 or more (to 4 decimals)? b. What is the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT