Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

use R Normal distribution Suppose that visitors at a theme park spend an average of $100 on souvenirs. Assume that the money spent is normally

use R

Normal distribution

Suppose that visitors at a theme park spend an average of $100 on souvenirs. Assume that the money spent is normally distributed with a standard deviation of $10.

a) Plot the PDF of this distribution covering the three standard deviations on either side of the mean. b) What are the chances that a randomly selected visitor will spend more than $120? c) What is the chance that a randomly selected visitor will spend between $80 and $90 (inclusive)?

d) What are the chances of spending within one standard deviation, two standard deviations, and three standard deviations, respectively? e) Between what two values will the middle 80% of the money spent will fall? f) If the theme park gives a free T-shirt for the top 2% of the spenders, what will be the minimum amount you have to spend to get the free T-shirt?

g) Show a plot for 10,000 visitors using the above distribution.

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

Trigonometry A Unit Circle Approach (Subscription)

Authors: Michael Sullivan

10th Edition

0134178785, 9780134178783

More Books

Students also viewed these Mathematics questions

Question

What needs do all people have in common?

Answered: 1 week ago

Question

Improving creative problem-solving ability.

Answered: 1 week ago