Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Waiting times at banks tend to follow a distribution which is skewed to the right. Suppose the mean waiting time at a particular bank is
Waiting times at banks tend to follow a distribution which is skewed to the right. Suppose the mean waiting time at a particular bank is 3 minutes with a standard deviation of 2.
a. Do you have enough information to find the probability a single customer waits between 2.5 and 3.5 minutes?
No, because this distribution is not normally distributed.Yes, because of the central limit theorem we can use normal approximation to find this probability.
b. Do you have enough information to find the probability that the mean waiting time of60customers is between 2.5 and 3.5 minutes?
No, because this distribution is not normally distributed.Yes, because of the central limit theorem we can use normal approximation to find this probability.c. Find probability for part b.
d. Why can we find the probability for part b, but not part a ?
I have no earthly clue.Because if the population distribution is not normal there must be a sufficiently large enough sample to be able to assume the distribution of the SAMPLE MEAN is normal.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started