Question

According to the Air Transport Association of America, the
average operating cost of an MD-80 jet airliner is $2,087 per hour.
Suppose the operating costs of an MD-80 jet airliner are normally
distributed with a standard deviation of $177 per hour.

*(Round the value of z to 2 decimal places. Round your
answers to 2 decimal places.)*

(a) At what operating cost would only 23% of
the operating costs be less?$ (b) At what operating cost would 65% of the
operating costs be more?$ (c) What operating cost would be more than 85% of
operating costs?$ |

Answer #1

for normal distribution z score =(X-μ)/σx | |

here mean= μ= | 2087 |

std deviation =σ= | 177.000 |

a)

To see the probability 0.23 in the standard normal table the
cumulative z value is **-0.74**

for 20th percentile critical value of z= | -0.74 | |

therefore corresponding value=mean+z*std deviation= | 1956.02 |

b)

for top 65% values are at 35 percentile.

To see the probability 0.35 in the standard normal table the cumulative z value is -0.39.

for 35th percentile critical value of z= | -0.39 | |

therefore corresponding value=mean+z*std deviation= | 2017.97 |

c)

for 85th percentile critical value of z= | 1.04 | |

therefore corresponding value=mean+z*std deviation= | 2271.08 |

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