Question

A grocery​ store's receipts show that Sunday customer purchases have a skewed distribution with a mean...

A grocery​ store's receipts show that Sunday customer purchases have a skewed distribution with a mean of ​$31 and a standard deviation of ​$21. Suppose the store had 318 customers this Sunday. ​a) Estimate the probability that the​ store's revenues were at least ​$10 comma 600. ​b) If, on a typical​ Sunday, the store serves 318 ​customers, how much does the store take in on the worst 1​% of such​ days?

Homework Answers

Answer #1

Solution:

We are given:

We know that:

a) We are required to find:

Now using the z-score formula, we have:

Now using the standard normal table, we have:

b. We have to first find the z-value corresponding to area = 0.01. Using the standard normal table, we have:

Now using the z-score formula, we have:

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