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StatisticsSTATISTICS F/BUSINESS+ECONOMICS-TEXTThe mean cost of domestic airfares in the United States rose to an all-time high of $385 per ticket (Bureau of Transportation Statistics website, November 2, 2012). 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. a. What is the probability that a domestic airfare is $550 or more? b. What is the probability that a domestic airfare is $250 or less? c. What is the probability that a domestic airfare is between $300 and $500? d. What is the cost for the 3% highest domestic airfares?Start your trial now! First week only $4.99!*arrow_forward*

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13th Edition

Anderson

Publisher: CENGAGE L

ISBN: 9781305881884

Chapter 6.2, Problem 17E

Textbook Problem

The mean cost of domestic airfares in the United States rose to an all-time high of $385 per ticket (Bureau of Transportation Statistics website, November 2, 2012). 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.

- a. What is the probability that a domestic airfare is $550 or more?
- b. What is the probability that a domestic airfare is $250 or less?
- c. What is the probability that a domestic airfare is between $300 and $500?
- d. What is the cost for the 3% highest domestic airfares?

STATISTICS F/BUSINESS+ECONOMICS-TEXT

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