Answered: The time taken to complete a bicycle…

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter17: Making Decisions With Uncertainty

Section: Chapter Questions

Problem 7MC

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Question

The time taken to complete a bicycle race is normally distributed, with an
average time (μ) of 2.25 hours and a standard deviation (σ) of 0.65 hours.
What is the probability that a randomly selected cyclist will:

Q.7.3.1 Take between 2.75 and 3.15 hours to complete the race? Interpret
your answer.

Q.7.3.2 Take between 2.05 and 2.15 hours to complete the race? Interpret
your answer.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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