Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

6. Refer to Question 8 (d) of PartA, in which we let A denote the amount of time a randomly selected customer spends on hold

image text in transcribed
image text in transcribed
6. Refer to Question 8 (d) of PartA, in which we let A denote the amount of time a randomly selected customer spends on hold with some insurance company. Suppose X follows a distribution with a mean of 8 hours and a variance of 16 hours. a) If you randomly pick one-hundred customers, find the probability that the average time spent on hold is within 1 hour of the population mean. Compare the output with the result you obtainedin Question 8 (d) of Part A . (3 marks) b) If you randomly pick 64 customers find the probability that the average time spentin the retail store is at most 7.5 hours. (3 marks) c) If you randomly pick 64 customers find the probability that the average time spentin the retail store is at least 6.5 hours. (4 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Services Marketing

Authors: Jochen Wirtz

4th Edition

1292425199, 9781292425191

Students also viewed these Mathematics questions