Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The mean cost of domestic airfares in the United States rose to an all-time high of $370 per ticket. Airfares were based on the total

The mean cost of domestic airfares in the United States rose to an all-time high of $370 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $110. Use Table 1 in Appendix B.

a.What is the probability that a domestic airfare is $540 or more (to 4 decimals)?

b.What is the probability that a domestic airfare is $250 or less (to 4 decimals)?

c.What if the probability that a domestic airfare is between $300 and $510 (to 4 decimals)?

d.What is the cost for the 2% highest domestic airfares? (rounded to nearest dollar)

$

or

- Select your answer -

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

Advances In Mathematical Economics Volume 19

Authors: Shigeo Kusuoka, Toru Maruyama

1st Edition

4431554890, 9784431554899

More Books

Students also viewed these Mathematics questions

Question

Relax your shoulders

Answered: 1 week ago