7.23 Restaurant profit? Jans All You Can Eat Restaurant charges $8.95 per customer to eat at the...
Question:
7.23 Restaurant profit? Jan’s All You Can Eat Restaurant charges $8.95 per customer to eat at the restaurant.
Restaurant management finds that its expense per customer, based on how much the customer eats and the expense of labor, has a distribution that is skewed to the right with a mean of $8.20 and a standard deviation of $3.
a. If the 100 customers on a particular day have the characteristics of a random sample from their customer base, find the mean and standard deviation of the sampling distribution of the restaurant’s sample mean expense per customer.
b. Find the probability that the restaurant makes a profit that day, with the sample mean expense being less than
$8.95. (Hint: Apply the central limit theorem to the sampling distribution in part a.)
Step by Step Answer:
Statistics The Art And Science Of Learning From Data
ISBN: 9781292164878
4th Global Edition
Authors: Alan Agresti, Christine A. Franklin, Bernhard Klingenberg