Business, 09.04.2020 03:52, emilycarmadelle6653

10) The amount spent per month by employees for parking at a municipal lot is normally distributed with a mean of $60 and a standard deviation of $5. a) About what percentage of the observations lie between $55 and $65? b) About what percentage of the observations lie between $50 and $70? a) About what percentage of the observations lie between $45 and $75?

Answers: 2

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answered: danielle413

a) P(55

And we can find this probability with this difference:

P(-1

And in order to find these probabilities we can using tables for the normal standard distribution, excel or a calculator.

P(-1

And that represent 68.2%

b) P(50

And we can find this probability with this difference:

P(-2

And in order to find these probabilities we can using tables for the normal standard distribution, excel or a calculator.

P(-2

And that represent 95.42%

c) P(45

And we can find this probability with this difference:

P(-3

And in order to find these probabilities we can using tables for the normal standard distribution, excel or a calculator.

P(-3

And that represent 97.73%

Explanation:

Previous concepts

Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".

The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".

Part a

Let X the random variable that represent the amount spent per month by employees of a population, and for this case we know the distribution for X is given by:

$X \sim N(60,5)$

Where $\mu=60$ and $\sigma=5$

We are interested on this probability

P(55

And the best way to solve this problem is using the normal standard distribution and the z score given by:

$z=\frac{x-\mu}{\sigma}$

If we apply this formula to our probability we got this:

P(55

And we can find this probability with this difference:

P(-1

And in order to find these probabilities we can using tables for the normal standard distribution, excel or a calculator.

P(-1

And that represent 68.2%

Part b

P(50

And we can find this probability with this difference:

P(-2

And in order to find these probabilities we can using tables for the normal standard distribution, excel or a calculator.

P(-2

And that represent 95.42%

Part c

P(45

And we can find this probability with this difference:

P(-3

And in order to find these probabilities we can using tables for the normal standard distribution, excel or a calculator.

P(-3

And that represent 97.73%

answered: Guest

i mean they dont have to

answered: Guest

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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10) The amount spent per month by employees for parking at a municipal lot is normally distributed w...