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    PS9

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    ebrarrsevimm
    This document contains 5 questions from a problem sheet for BUS 273. The questions involve calculating probabilities related to normal distributions for things like heating bills, investment returns, concert lengths, clothing sales, and dog food bag weights. The questions require determining probabilities that values fall within or outside of given ranges, finding median and percentile values, and relating standard deviation to probability cutoffs.

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    PS9

    Uploaded by

    ebrarrsevimm
    13 views3 pages
    This document contains 5 questions from a problem sheet for BUS 273. The questions involve calculating probabilities related to normal distributions for things like heating bills, investment returns, concert lengths, clothing sales, and dog food bag weights. The questions require determining probabilities that values fall within or outside of given ranges, finding median and percentile values, and relating standard deviation to probability cutoffs.

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    Statistics Problem Sheet

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    This document contains 5 questions from a problem sheet for BUS 273. The questions involve calculating probabilities related to normal distributions for things like heating bills, investment returns, concert lengths, clothing sales, and dog food bag weights. The questions require determining probabilities that values fall within or outside of given ranges, finding median and percentile values, and relating standard deviation to probability cutoffs.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    13 views3 pages

    PS9

    Uploaded by

    ebrarrsevimm
    This document contains 5 questions from a problem sheet for BUS 273. The questions involve calculating probabilities related to normal distributions for things like heating bills, investment returns, concert lengths, clothing sales, and dog food bag weights. The questions require determining probabilities that values fall within or outside of given ranges, finding median and percentile values, and relating standard deviation to probability cutoffs.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    BUS 273 - Problem Sheet #9

    Q1. At the beginning of winter, a homeowner estimates that the probability is 0.4 that his
    total heating bill for the three winter months will be less than $380. He also estimates that
    the probability is 0.6 that the total bill will be less than $460.
    a. What is the probability that the total bill will be between $380 and $460?
    b. Given no further information, what can be said about the probability that the total
    bill will be less than $400?

    Q2. An investment portfolio contains stocks of a large number of corporations. Over the last
    year the rates of return on these corporate stocks followed a normal distribution with mean
    12.2% and standard deviation 7.2%.
    a. For what proportion of these corporations was the rate of return higher than 20%?
    b. For what proportion of these corporations was the rate of return between 5% and
    15%?

    Q3. It is estimated that the time that a well-known rock band, the Living Ingrates, spends on
    stage at its concerts follows a normal distribution with a mean of 200 minutes and a
    standard deviation of 20 minutes.
    a. What proportion of concerts played by this band lasts between 180 and 200
    minutes?
    b. An audience member smuggles a tape recorder into a Living Ingrates concert. The
    reel-to-reel tapes have a capacity of 245 minutes. What is the probability that this
    capacity will be insufficient to record the entire concert?
    c. If the standard deviation of concert time was only 15 minutes, state, without doing
    the calculations, whether the probability that a concert would last more than 245
    minutes would be larger than, smaller than, or the same as that found in part (b).
    Sketch a graph to illustrate your answer.
    d. The probability is 0.1 that a Living Ingrates concert will last less than how many
    minutes? (Assume, as originally, that the population standard deviation is 20
    minutes.)

    Q4. According to Business Week, Maternity Chic, a purveyor of designer maternity wear,
    sells dresses and pants priced around $150 each for an average total sale of $1,200. The
    total sale has a normal distribution with a standard deviation of $350.
    a. Calculate the probability that a randomly selected customer will have a total sale of
    more than $1,500.
    b. Compute the probability that the total sale will be within 2 standard deviations of the
    mean total sales.
    c. Determine the median total sale.
    Q5. Bowser Bites Industries (BBI) sells large bags of dog food to warehouse clubs. BBI uses an
    automatic filling process to fill the bags. Weights of the filled bags are approximately
    normally distributed with a mean of 50 kilograms and a standard deviation of 1.25 kilograms.
    a. What is the probability that a filled bag will weigh less than 49.5 kilograms?
    b. What is the probability that a randomly sampled filled bag will weigh between 48.5
    and 51 kilograms?
    c. What is the minimum weight a bag of dog food could be and remain in the top 15%
    of all bags filled?
    d. BBI is unable to adjust the mean of the filling process. However, it is able to adjust
    the standard deviation of the filling process. What would the standard deviation
    need to be so that no more than 2% of all filled bags weight more than 52 kilograms?

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