1. The U.S. Bureau of Labor Statistics reports that the average annual expenditure on food and...

1. The U.S. Bureau of Labor Statistics reports that the average annual expenditure on food and drink for all families is $5,700 (Money, December 2003). Assume that annual expenditure on food and drink is normally distributed and that the standard deviation is $1,500. (50 points) (A) What is the range of expenditures of the 24.2% of families with the lowest annual spending on food and drink? (B) Assume total number of families is 500,000. How many families spend more than $7000 annually on food and drink? 2. The average base salary for a store manager (Wal-Mart) in Riverside, California, is $68,000, and the average base salary for a store manager (Wal-Mart) in Los Angeles, California, is $78,000. Assume that salaries are normally distributed, the standard deviation for store managers in Riverside is $20,000, and the standard deviation for store managers in Los Angles is $22,000. (75 points) (A) What is the probability that a store manager in Riverside has a base salary in excess of $100,000? (B) What is the probability that a store manager in Los Angeles has a base salary in excess of $100,000? (C) What is the probability that a store manager in Los Angeles has a base salary of less than $67,000? (D) How much would a store manager in Los Angeles have to make in order to have a higher salary than 98.21% of the store managers in Riverside? (E) Based the results from (A)-(D), if you are a job applicant for store manager position (Wal-Mart) in California, how would you negotiate annual salary using at least 200 words.

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orchestra answered 1 year ago

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