3. A California water company has determined that the average customer billing is $1,250 per year and the amounts billed have an exponential distribution.
a. What is the mean and lamda?
b. Calculate the probability that a random chosen customer would spend more than $5,000
c. Compute the probability that a random chosen customer would spend more than the average amount spent by all customers of this company.
3. A California water company has determined that the average customer billing is $1,250 per year...
3. A California water company has determined that the average customer billing is $1,250 per year and the amounts billed have an exponential distribution. a. What is the mean and lamda? b. Calculate the probability that a random chosen customer would spend more than $5,000 c. Compute the probability that a random chosen customer would spend more than the average amount spent by all customers of this company.
In several of studies, it has been determined that 92% of the time, car salespeople spend between 27.5 and 62.5 minutes with potential customers, trying to convince them to buy a new car. In a random sample of 25 dealerships from across the country, it was found that the average amount of time the car salespeople spent with their customers was 45 minutes. a) From this information, calculate the population standard deviation for the time spent with a new customer...
Walmart is an American multinational retail corporation that
operates a chain of large
department stores. In 2017, they conducted a study on the
amounts customers spent at their
stores in Shenzhen (SZ) on the day of New Year’s Eve. It was
found that the amounts were
normally distributed, with an average of ¥1,800 and a standard
deviation of ¥240.
Question 1:
Consider sampling with sample size 25 on the above population.
Compute the mean of the
sampling distribution of the...
Walmart is an American multinational retail corporation that
operates a chain of large
department stores. In 2017, they conducted a study on the
amounts customers spent at their
stores in Shenzhen (SZ) on the day of New Year’s Eve. It was
found that the amounts were
normally distributed, with an average of ¥1,800 and a standard
deviation of ¥240.
Question 1:
Consider sampling with sample size 25 on the above population.
Compute the mean of the
sampling distribution of the...
Let x represent the dollar amount spent on supermarket impulse buying in a 10-minute (unplanned) shopping interval. Based on a certain article, the mean of the x distribution is about $30 and the estimated standard deviation is about $5. (a) Consider a random sample of n = 40 customers, each of whom has 10 minutes of unplanned shopping time in a supermarket. From the central limit theorem, what can you say about the probability distribution of x, the average amount...
The average per capita daily water consumption in a village in Bangladesh is about 83 liters per person and the standard deviation is about 11.9 liters per person. Randomly samples of size 50 are drawn from this population and the mean of each are determined. A)Find the mean and standard deviation of the sampling distribution of sample means. (b) What is the probability that the mean per capita daily water consumption for a given sample is more than 85 liters...
Let x represent the dollar amount spent on supermarket impulse buying in a 10-minute (unplanned) shopping interval. Based on a certain article, the mean of the x distribution is about $21 and the estimated standard deviation is about $9. (a) Consider a random sample of n = 40 customers, each of whom has 10 minutes of unplanned shopping time in a supermarket. From the central limit theorem, what can you say about the probability distribution of x, the average amount...
A credit card company has found that its average balance per customer is normally distributed with a mean of $250 and a variance of 2500. a. Find the probability that the balance is over $300 b. Find the probability that the balance is less than $150 c. Find the value such that the probability of a customer’s balance being less than this amount is 0.05 d. Determine the values of a and b such that P(a...
10. The owner of a company has asked you to conduct an evaluation of the customer satisfaction ratings to see if the company continues to provide customers with customer service that ranks above average. To be considered above average the average customer satisfaction score has to be above 7. Suppose a random sample of 60 customers is taken from a population to evaluate customer satisfaction. The sample mean is 7.25. The sample standard deviation is 1.05. The population mean is...
Let x represent the dollar amount spent on supermarket impulse buying in a 10-minute (unplanned) shopping interval. Based on a certain article, the mean of the x distribution is about $42 and the estimated standard deviation is about $9. (a) Consider a random sample of n = 100 customers, each of whom has 10 minutes of unplanned shopping time in a supermarket. From the central limit theorem, what can you say about the probability distribution of x, the average amount...