The mean cost of domestic airfares in the United States rose to an all-time high of $370 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 $530 or more (to 4 decimals)? 0.0721 b. What is the probability that a domestic airfare is $260 or less (to 4 decimals)? 0.1093 c. What if the probability that a domestic airfare is between $310 and $470 (to 4 decimals)? d. What is the cost for the 3% highest domestic airfares? (rounded to nearest dollar) $ 580 or
µ=$370
α=115
Z =(X- µ)/ α
Z=(530-370)/115 =1.3913
For z=1.3913, probability is= 0.082264 ( from P value table)
So the answer :- The probability that a domestic airfare will cost $530 or more is 0.082264
µ=$370
α=115
Z =(X- µ)/ α
Z=(260-370)/115 =-0.9565
For z=-09565, probability is= 0.16941 ( from P value table)
So the answer :- The probability that a domestic airfare is $260 or less is 0.16941
For X=310
Z =(X- µ)/ α
Z=(310-370)/115 =-0.5217
For z=-5217, probability is= 0.30094 ( from P value table)
For X=470
Z =(X- µ)/ α
Z=(470-370)/115 =0.8696
For z=0.8696, probability is= 0.19226 ( from P value table)
P(310 Answer= 0.1078
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 $370 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. a. What is the probability that a domestic airfare is $555 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 $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 $110. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $530 or more (to 4 decimals)? b. What is the...
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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 $530 or more (to 4 decimals)? b. What is the...
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Check My Work (2 remaining) The mean cost of domestic airfares in the United States rose to an all-time high of $370 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. Use Table 1 in Appendix B. a. What is the probability that a domestic airfare is $550 or more (to 4...
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...
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