The U.S. Bureau of Labor Statistics reports that the average annual expenditure on food and drink for
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The U.S. Bureau of Labor Statistics reports that the average annual expenditure on food and drink for all families is $5700 (Money, December 2003). Assume that annual expenditure on food and drink is normally distributed and that the standard deviation is $1500.
a. What is the range of expenditures of the 10% of families with the lowest annual spending on food and drink?
b. What percentage of families spend more than $7000 annually on food and drink?
c. What is the range of expenditures for the 5% of families with the highest annual spending on food and drink?
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Statistics For Business And Economics
ISBN: 9780324783247
11th Edition
Authors: Thomas A. Williams, Dennis J. Sweeney, David R. Anderson
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