The mean operating cost of a 737 airplane is $2071 per day. Suppose you take a...

The mean operating cost of a 737 airplane is $2071 per day. Suppose you take a sample of 49 of these 737 airplanes and find a mean operating cost of $2050 with a sample standard deviation of $106.

A.) what is the probability that a 737 will have an operating cost that is greater than the sample mean you have found? (show work)

B.) what is the probability that a plane would have an operating cost that is between $2050 and 2088.60 per day? (show work)

Expert Solution

Solution: Given that μ = 2050, σ = 106, n = 49, x = 2071

A. P(X > 2071) = P((X-μ)/(σ/sqrt(n) > (2071-2050)/(106/sqrt(49)))
= P(Z > 1.3868)
= 1 − P(Z < 1.3868)
= 1 − 0.9177
= 0.0823

B. P(2050 < X < 2088.60) :
= P((2071-2050)/(106/sqrt(49)) < Z < (2088.6-2050)/(106/sqrt(49)))
= P(1.3868 < Z < 2.5491)
= P(Z < 2.5491) − P(Z < 1.3868)
= 0.9946 - 0.9177
= 0.0769

P(Z < 2.5491) can be found by using the following standard normal table:

P(Z < 1.3868) can be found by using the following standard normal table:

milcah answered 7 months ago

Suppose that an airplane basic operating cost is c per a passenger. However, it can price...

Suppose that an airplane basic operating cost is c per a passenger. However, it can price add-ons (better sits, extra beverages, wi-fi) to generate extra fees averaging p̄ from naive type of passangers. A fraction α of customers are naive, and do not foresee these add-ons. The remaining fraction (1 − α) are sophisticated, and can avoid the add-ons at an effort cost of e. For simplicity, assume that the add-ons do not cost anything for the airlines to provide....

Suppose you take a shower on a cold day. Describe the sign of the heat that...

Suppose you take a shower on a cold day. Describe the sign of the heat that leaves your body as you step out of a warm shower. Next describe the temperature difference inside and out of the shower. Describe how this example relates to the concept of heat.

Suppose that the mean caloric intake for Americans is 2,500 calories per day, with a standard...

Suppose that the mean caloric intake for Americans is 2,500 calories per day, with a standard devia- tion of 175 calories per day. Assume that caloric intakes for Americans are approximately normally distributed. (a) (3 points) Find the probability that a randomly selected American consumes more than 2,250 calories per day. (b) (3 points) Find the probability that a randomly selected American consumes at most 1,950 calo- ries per day. (c) (3 points) Find the probability that a randomly selected...

Suppose the mean cost across the country of a 30-day supply of a generic drug is...

Suppose the mean cost across the country of a 30-day supply of a generic drug is $46.58, with standard deviation $4.84. Find the probability that the mean of a sample of 100 prices of 30-day supplies of this drug will be between $45 and $50. ****YOU MUST SHOW ALL OF YOUR WORK TO DOCUMENT HOW YOU ARRIVED AT THE SOLUTION****

The cost in dollars of operating a jet-powered commercial airplane Co is given by the following...

The cost in dollars of operating a jet-powered commercial airplane Co is given by the following equation Co = k*n*v^(3/2) where n is the trip length in miles, v is the velocity in miles per hour, and k is a constant of proportionality. It is known that at 590 miles per hour the cost of operation is $300 per mile. The cost of passengers' time in dollars equals $226,000 times the number of hours of travel. The airline company wants...

Suppose you take and hold a deep breath on a chilly day, inhaling 2.5 L of...

Suppose you take and hold a deep breath on a chilly day, inhaling 2.5 L of air at 0 ∘C and 1 atm. 1. How much heat must your body supply to warm the air to your internal body temperature of 37 ∘C? Express your answer to three significant figures and include the appropriate units. 2. By how much does the air's volume increase as it warms? Express your answer using two decimal places and include the appropriate units.

1)Suppose you own a cupcake bakery. Your revenue is $400/day and your operating costs are $100/day....

1)Suppose you own a cupcake bakery. Your revenue is $400/day and your operating costs are $100/day. If you could make $300/day bartending for someone else, then economic profits of your cupcake bakery are $__________ and your accounting profits are $__________ . a $0; $0 b $0; $300 c $100; $0 d $100; $100 2) A bakery can produce 150 donuts per hour when they hire 10 workers and 165 donuts per hour when they hire 11 workers. Based on this...

Assume that the mean hourly cost to operate a commercial airplane follows the normal distribution with...

Assume that the mean hourly cost to operate a commercial airplane follows the normal distribution with a mean of $1660 per hour and a standard deviation of $190. What is the maximum operating cost for the lowest 2% of the airplanes? (Round z-score computation to 2 decimal places and the final answer to 1 decimal place.) Maximum operating cost $

Why is it correct to use a sales per day/Cost of goods sold per day combination...

Why is it correct to use a sales per day/Cost of goods sold per day combination to calculate CCC when contemplating a change in receivables, inventory, and payables but use cost of goods sold exclusively when contemplating a change in the level of sales?

Suppose that hospitals charge by the day and that the typical hospital charges $1000 per day...

Suppose that hospitals charge by the day and that the typical hospital charges $1000 per day but some charge more and some charge less, and that insured consumers can choose any hospital. What do you think of this argument? “With respect to consumer incentives about use of hospital care there is no difference between a $100 per day copayment and 10 percent coinsurance.”

Question