Question

In a grocery store 4% of products cost less than $1.00. Assuming prices are normally distributed...

In a grocery store 4% of products cost less than $1.00. Assuming prices are normally distributed and the standard deviation of prices is σ = $3.00 then what is the mean?

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

according to the problem,

[ in any blank cell of excel type =NORMSINV(0.04) ]

the mean is 6.25

*** if you have any doubt regarding the problem ,please write it in the comment box...if satisfied,please UPVOTE.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In the following exercises, assuming that the thermometer readings are normally distributed, with a mean of...
In the following exercises, assuming that the thermometer readings are normally distributed, with a mean of 0 celsius and a standard deviation of 1.00 celsius. A thermometer is randomly selected and tested. In each case, calculate the probability of each reading. to. greater than 1.25 b. greater than -1.75 c. less than 2.50 d. less than -3.75 and. between -2.45 and -2.00 F. between -1.00 and 4.00 g. P (-1.96 <z <1.96)
Suppose someone claims they can make it in and out of the grocery store in less...
Suppose someone claims they can make it in and out of the grocery store in less than 10 minutes. Let's take a sample of 15 shoppers with a mean of 9.8 minutes and a standard deviation of 0.4 minutes. Can the claim at an alpha of 0.05?
Suppose that the weight of male babies less than 2 months old is normally distributed with...
Suppose that the weight of male babies less than 2 months old is normally distributed with mean 11.5 pounds and standard deviation 2.7 pounds. A sample of 36 babies is selected. What is the probability that the average weight of the sample is less than 11.13 pounds?
Assuming that the heights of college women are normally distributed with mean 60 inches and standard...
Assuming that the heights of college women are normally distributed with mean 60 inches and standard deviation 2.0 inches, answer the following questions. (Hint: Use the figure below with mean μ and standard deviation σ.) (a) What percentage of women are taller than 60 inches? % (b) What percentage of women are shorter than 60 inches? % (c) What percentage of women are between 58.0 inches and 62.0 inches? % (d) What percentage of women are between 56.0 and 64.0...
Assuming that the heights of college women are normally distributed with mean 66 inches and standard...
Assuming that the heights of college women are normally distributed with mean 66 inches and standard deviation 3.3 inches, answer the following questions. (Hint: Use the figure below with mean μ and standard deviation σ.) (a) What percentage of women are taller than 66 inches? (b) What percentage of women are shorter than 66 inches? (c) What percentage of women are between 62.7 inches and 69.3 inches? % (d) What percentage of women are between 59.4 and 72.6 inches? %
According to one study, the amount of time a customer spends shopping in a grocery store...
According to one study, the amount of time a customer spends shopping in a grocery store is normally distributed with a mean of 45 minutes and a standard deviation of 12 minutes. Let X be the number of minutes that a customer spends shopping in a grocery store on one visit. Calculate the probability that a customer spends at least 50 minutes shopping.
1. Assume that adults have IQ scores that are normally distributed with a mean of μ=100...
1. Assume that adults have IQ scores that are normally distributed with a mean of μ=100 and a standard deviation σ=15. Find the probability that a randomly selected adult has an IQ less than 130. 2. Assume the readings on thermometers are normally distributed with a mean of 0 °C and a standard deviation of 1.00 °C. Find the probability P=(−1.95<z<1.95), where z is the reading in degrees. 3. Women's heights are normally distributed with mean 63.3 in and standard...
1. The mean cost of a steak, broccoli, and ride at the grocery store is $13.04....
1. The mean cost of a steak, broccoli, and ride at the grocery store is $13.04. A sample of 100 restaurants had a mean price of $12.75 and a standard deviation of $2 for the same meal. Run a hypothesis test to determine if it is cheaper to eat at a restaurant than to cook the meal yourself!
A set of books in a store are normally distributed with a mean of 50 dollars...
A set of books in a store are normally distributed with a mean of 50 dollars and a standard deviation of 44 dollars. In the store, 10.56% of the books are lower than the price I am willing to pay. What is the price I am willing to pay? (Do not worry about dollar signs.)
3. A grocery store manager is told by the wholesaler that the apples in a large...
3. A grocery store manager is told by the wholesaler that the apples in a large shipment have a mean weight of 6 ounces and a standard deviation of 1 ounce. The manager randomly selects 100 apples. a. assuming the wholesaler’s claim is true, find the probability that the mean weight of the sample is more than 5.9 ounces b. the manager plans to return the shipment if the mean weight is less than 5.75 ounces. Assuming the wholesaler’s claim...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT