Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consumers spend an average mean of $21 per week in cash without being aware of where it goes. Assume that the amount of cash spent

Consumers spend an average mean of $21 per week in cash without being aware of where it goes. Assume that the amount of cash spent without being aware of where it goes is normally distributed and that the standard deviation is $5. For a consumer selected at random:

a. What is the probability that a randomly selected person will spend more than $25?

b. What is the probability that a randomly selected person will spend less than $20?

c. Find the standard error of the mean for a sample of 64 people.

d. Find the probability that the average amount of cash spent without being aware of where it goes for a sample of 64 people is between $20 and $22.

having problems with c and d

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Statistical Techniques in Business and Economics

Authors: Douglas A. Lind, William G Marchal

17th edition

1259666360, 978-1259666360

More Books

Students also viewed these Mathematics questions

Question

Decide when, where, and how you will meet.

Answered: 1 week ago

Question

What is community?

Answered: 1 week ago

Question

What are the features of the community?

Answered: 1 week ago

Question

1. What are Associations ?

Answered: 1 week ago

Question

1. What is socialization?

Answered: 1 week ago

Question

1. State how schools help in socialization?

Answered: 1 week ago