Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)

6th Edition

ISBN: 9781337115186

Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

Publisher: Cengage Learning

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

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Chapter 6.2, Problem 19E

Automobile Repair Costs. Automobile repair costs continue to rise with an average 2015 cost of $367 per repair (U.S. News & World Report website). Assume that the cost for an automobile repair is normally distributed with a standard deviation of $88. Answer the following questions about the cost of automobile repairs.

a. What is the probability that the cost will be more than $450?
b. What is the probability that the cost will be less than $250?
c. What is the probability that the cost will be between $250 and $450?
d. If the cost for your car repair is in the lower 5% of automobile repair charges, what is your cost?

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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Chapter 6.2, Problem 18E

Chapter 6.2, Problem 20E

Chapter 6 Solutions

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)

Ch. 6.1 - The random variable x is known to be uniformly...Ch. 6.1 - The random variable x is known to be uniformly...Ch. 6.1 - Cincinnati to Tampa Flight Time. Delta Airlines...Ch. 6.1 - Prob. 4E Ch. 6.1 - 5. In October 2012, Apple introduced a much...Ch. 6.1 - 6. A Gallup Daily Tracking Survey found that the...Ch. 6.1 - 7. Suppose we are interested in bidding on a piece...Ch. 6.2 - Using Figure 6.4 as a guide, sketch a normal curve...Ch. 6.2 - A random variable is normally distributed with a...Ch. 6.2 - 10. Draw a graph for the standard normal...

Ch. 6.2 - 11. Given that z is a standard normal random...Ch. 6.2 - 12. Given that z is a standard normal random...Ch. 6.2 - 13. Given that z is a standard normal random...Ch. 6.2 - Prob. 14E Ch. 6.2 - Given that z is a standard normal random variable,...Ch. 6.2 - Given that z is a standard normal random variable,...Ch. 6.2 - The mean cost of domestic airfares in the United...Ch. 6.2 - The average return for large-cap domestic stock...Ch. 6.2 - Automobile Repair Costs. Automobile repair costs...Ch. 6.2 - Gasoline Prices. Suppose that the average price...Ch. 6.2 - Mensa Membership. A person must score in the upper...Ch. 6.2 - Television Viewing. Suppose that the mean daily...Ch. 6.2 - Time to Complete Final Exam. The time needed to...Ch. 6.2 - Labor Day Travel Costs. The American Automobile...Ch. 6.2 - New York City is the most expensive city in the...Ch. 6.3 - 32. Consider the following exponential probability...Ch. 6.3 - Prob. 27E Ch. 6.3 - 34. Battery life between charges for the Motorola...Ch. 6.3 - 35. The time between arrivals of vehicles at a...Ch. 6.3 - 36. Comcast Corporation is the largest cable...Ch. 6.3 - 37. Wendy’s restaurant has been recognized for...Ch. 6.3 - 38. The Boston Fire Department receives 911 calls...Ch. 6 - 39. A business executive, transferred from Chicago...Ch. 6 - NCAA Scholarships. The NCAA estimates that the...Ch. 6 - Production Defects. Motorola used the normal...Ch. 6 - During early 2012, economic hardship was...Ch. 6 - The port of South Louisiana, located along 54...Ch. 6 - Service Contract Offer. Ward Doering Auto Sales is...Ch. 6 - Wedding Costs. The XO Group Inc. conducted a 2015...Ch. 6 - College Admissions Test Scores. Assume that the...Ch. 6 - College Graduates Starting Salaries. According to...Ch. 6 - 48. A machine fills containers with a particular...Ch. 6 - Prob. 43SE Ch. 6 - Prob. 44SE Ch. 6 - 53. Do you dislike waiting in line? Supermarket...Ch. 6 - 54. The time (in minutes) between telephone calls...

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Solution Summary: The author calculates the probability that cost will be more than 450 using the EXCEL software.

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