The file titled Drug$ contains daily cost data for a drug used to treat lung disease. a.

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The file titled Drug$ contains daily cost data for a drug used to treat lung disease.

a. Produce a relative frequency histogram for these data. Does it seem plausible the data were sampled from a population that was normally distributed?

b. Compute the mean and standard deviation for the sample data in the file.

c. Assuming the sample came from a normally distributed population and the sample standard deviation is a good approximation for the population standard deviation, determine the probability that a randomly chosen transaction would yield a price of

$2.12 or less even though the population mean was $2.51.

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Business Statistics

ISBN: 9781292220383

10th Global Edition

Authors: David Groebner, Patrick Shannon, Phillip Fry

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