Please show your computation steps 1. The ABC EuroTrip Inc. conducted a 2019 survey of 18,000...

Please show your computation steps

1. The ABC EuroTrip Inc. conducted a 2019 survey of 18,000 passengers who have made a trip to Europe in 2018. They found that the average travel cost of a trip to Europe is $2,858. Assume that the cost of a trip to Europe is normally distributed with a mean of $2,858 and a standard deviation of $360. a. What is the probability that the costs of a Europe trip is less than $2,000? b. What is the probability that a wedding costs between $2,000 and $3,000? c. For a trip to Europe to be among the 5% most expensive, how much would it have to cost? 2. ABC Inc. carries inventory of 2000 items. The population standard deviation for the cost of the inventory is σ = 144. A consultant recommends that the company takes a sample of 160 items from its inventory to estimate the average cost per item. Please answer the following questions:

a. What is the standard error of the sampling distribution of ?̅ ?

b. What is the probability that the sample mean will be within ±25 of the population mean µ

2. ABC Inc. carries inventory of 2000 items. The population standard deviation for the cost of the inventory is σ = 144. A consultant recommends that the company takes a sample of 160 items from its inventory to estimate the average cost per item. Please answer the following questions:

a. What is the standard error of the sampling distribution of ?̅ ?

b. What is the probability that the sample mean will be within ±25 of the population mean µ?

Solutions

Expert Solution

(b)

(3)

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orchestra answered 1 year ago

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