helpmeplease25
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- Feb 22, 2012
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This is one of my problems and I am really having a hard time trying to figure out the steps I should take. I have been working on it but I am truely blank and failing this class.
The Baily Hill Bicycle Shops sells mountain bikes and offers a maintenance program to its customers. The manager has found the average repair bill during the maintenance program’s first year to be $15.30 with a standard deviation of $7.00.
The Baily Hill Bicycle Shops sells mountain bikes and offers a maintenance program to its customers. The manager has found the average repair bill during the maintenance program’s first year to be $15.30 with a standard deviation of $7.00.
a. What is the probability a random sample of 40 customers will have a mean repair cost exceeding $16.00?
$16.00-$15.30 = 0.7/√40=6.3245553 and I am going to take it back one decimal space which will be .6325 and the square root of that is 2.5148668 which will be .2515
b. What is the probability the mean repair cost for a sample of 100 customers will be between $15.10 and 15.80?
15.10-15.80/.7√40
15.10-15.80/.7√40
c. The manager has decided to offer a Spring special. He is aware of the mean and standard deviation for repair bills last year. Therefore, he has decided to randomly select and repair the first 50 bicycles for $14.00 each. He notes this is not even 1 standard deviation below the mean price to make sure repairs. He asks your advice. Is this a risky thing to do? Based upon the probability of a repair bill being $14.00 or less, what would you recommend? Discuss.
I need help bad.
I need help bad.