Question: During early 2012, economic hardship was stretching the limits of Frances welfare system. One indicator of the level of hardship was the increase in the
During early 2012, economic hardship was stretching the limits of France’s welfare system. One indicator of the level of hardship was the increase in the number of people bringing items to a Paris pawnbroker; the number of people bringing items to the pawnbroker had increased to 658 per day (Bloomberg Business week, March 5–March 11, 2012). Assume the number of people bringing items to the pawnshop per day in 2012 is normally distributed with a mean of 658.
a. Suppose you learn that on 3% of the days, 610 or fewer people brought items to the pawnshop. What is the standard deviation of the number of people bringing items to the pawnshop per day?
b. On any given day, what is the probability that between 600 and 700 people bring items to the pawnshop?
c. How many people bring items to the pawnshop on the busiest 3% of days?
Step by Step Solution
3.43 Rating (169 Votes )
There are 3 Steps involved in it
658 a z 188 cuts off 03 in the lower tail So b At 700 At 6... View full answer
Get step-by-step solutions from verified subject matter experts
Document Format (1 attachment)
404-M-S-C-P-D (281).docx
120 KBs Word File
