Question

In: Math

6.20. A convenience store owner wants to know how long his customers spend browsing the store...

6.20. A convenience store owner wants to know how long his customers spend browsing the store before making a purchase. It is found that time spent is normally distributed with an average of m = 5 minutes and a standard deviation of s=2 : 2 minutes. Using a random sample of 14 customers, what is the probability that a customer, on average, will spend less than 4 minutes browsing the store?

Expert Solution

Solution :

Given that ,

mean = = 5

standard deviation = = 2

n = 14

= = 5 and

= / n = 2/ 14 = 0.5345

P( < 4) = P(( - ) / < (4 - 5) / 0.5345)

= P(z < -1.87)

= 0.0307 Using standard normal table,

The probability that a customer, on average, will spend less than 4 minutes browsing the store is 0.0307.

milcah answered 7 months ago

Luis wants to know how much he will have available to spend on his trip to...

Luis wants to know how much he will have available to spend on his trip to Belize in three years if he deposits $2,700 today at an interest rate of 5%

A bake shop owner wants to know how to make his Bakalava (sweet walnut and honey...

A bake shop owner wants to know how to make his Bakalava (sweet walnut and honey pastry) to the maximum appeal for his patrons. He thinks that the major factors that determine appeal are the amounts honey in the filling and the number of layers of phillo dough used to make the pastry. During an eight week period he makes nine batches of Bakalva using a low, medium and high mount of honey and with 10, 15 and 20 layers...

The owner of a restaurant that serves continental food wants to study characteristics of his customers....

The owner of a restaurant that serves continental food wants to study characteristics of his customers. He decides to focus on two variables: the amount of money spent by customers and whether customers order dessert. The results from a sample of 60 customers are as follows: • Amount spent ( =$38.54, S= $7.26) • 18 customers purchased dessert. Construct a 95% confidence interval estimate of the population mean amount spent per customer in the restaurant. _____________ Construct a 90% confidence...

Hank would like to know how many customers are entering his propane store within a given...

Hank would like to know how many customers are entering his propane store within a given timeframe. Prior data indicate that on average 8 customers arrive in a given hour. a. Create the appropriate probability distribution below for 0-12 arrivals. b. What is the probability that 8 or fewer customers will arrive in the next hour? c. What is the probability that exactly 10 customers arrive in the next hour? d. What is the probability that more than 12 customers will...

PLEASE ANSWER ALL 4 QUESTIONS The owner of a bar wants to know whether their customers...

PLEASE ANSWER ALL 4 QUESTIONS The owner of a bar wants to know whether their customers prefer Johnnie Walker Whiskey or Seagram's Whiskey. The bar owner is undecided over which of two possible experiments she should use. In Experiment 1, each customer rates only one of the two drinks. In Experiment 2, each customer evaluates both types of whiskey. Experiment 1 Flip a coin for each customer to choose which type of drink (s)he will taste. Then each person rates...

13. A manager wants to know whether customers in Taiwan, on average, would spend more than...

13. A manager wants to know whether customers in Taiwan, on average, would spend more than $2,000 per month on the service that is similar to what her company provides. The following information regarding the consumer behavior of 49 customers was provided by the marketing research team: sample mean = $2,400 and sample standard deviation = $1,800. Using the sample information provided and 0.05 significance level, determine the critical value and calculate the value of the test statistic. A. Critical...

you are advertising the owner of today convenience store, a new, franchised 24 hrs open store....

you are advertising the owner of today convenience store, a new, franchised 24 hrs open store. today she also sell daily necessities fast food and snack to cuetomers for a price that is on avarage slightly higher than other stores . what conpetitive strategies could today could today convenience store excert? which one will have defficulty excercising?

Customers arrive to the checkout counter of a convenience store according to a Poisson process at...

Customers arrive to the checkout counter of a convenience store according to a Poisson process at a rate of two per minute. Find the mean, variance, and the probability density function of the waiting time between the opening of the counter and the following events: a. The arrival of the second customer. b. The arrival of the third customer. c. What is the probability that the third customer arrives within 6 minutes? You can use a computer if you’d like...

The owner of a local phone store wanted to determine how much customers are willing to...

The owner of a local phone store wanted to determine how much customers are willing to spend on the purchase of a new phone. In a random sample of 8 phones purchased that day, the sample mean was $383.299 and the standard deviation was $24.0154. Calculate a 90% confidence interval to estimate the average price customers are willing to pay per phone. Question 6 options: 1) ( -367.213 , 399.385 ) 2) ( 374.808 , 391.79 ) 3) ( 367.213...

A local bar wants to see if an entry fee changes how much the customers spend...

A local bar wants to see if an entry fee changes how much the customers spend on drinks. On a night with a $ entry fee the average amount spent on drinks per customer for 30 customers was $9 with a standard deviation of $4.50. On a night with no entry fee the average for 40 customers was $10.50 with a standard deviation of $5. - What is the t-statistic you would use? Use the general formula and write your...