40. The U.S. Bureau of Labor Statistics reports that the average annual expenditure on food and drink
Question:
40. The U.S. Bureau of Labor Statistics reports that the average annual expenditure on food and drink for all families is $5700 (Money, December 2003). Assume that annual expenditure on food and drink is normally distributed and that the standard deviation is $1500.
a. What is the range of expenditures of the 10% of families with the lowest annual spending on food and drink?
b. What percentage of families spend more than $7000 annually on food and drink?
c. What is the range of expenditures for the 5% of families with the highest annual spending on food and drink?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Essentials Of Statistics For Business And Economics
ISBN: 9780324568608
5th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams
Question Posted: