Question
1.Berenson problem 7.8 (pg 259) -Assume that ABN application times are normally distributed with a mean time of 40 minutes and a standard deviation of
1.Berenson problem 7.8 (pg 259)
-Assume that ABN application times are normally distributed with a mean time of 40 minutes and a standard deviation of 5 minutes
-If a random sample of 50 applications is taken:
a.What is the probability that the sample mean application time is less than 38 mins?
b.What is the probability that the sample mean is between 39 and 41 mins?
c.The probability is 80% that the sample mean is between what two values symmetrically distributed around the population mean?
d.The probability is 90% that the mean is less than what value?
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Managerial Economics Theory Applications and Cases
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
8th edition
978-0393124491, 393124495, 978-0039391277, 393912779, 978-0393912777
