40. The U.S. Bureau of Labor Statistics reports that the average annual expenditure on food and drink

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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?

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Essentials Of Statistics For Business And Economics

ISBN: 9780324568608

5th Edition

Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams

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