One of the cars sold by Walt's car dealership is a very popular subcompact car called...

One of the cars sold by Walt's car dealership is a very popular subcompact car called the Rhino. The final sale price of the basic model of this car varies from customer to customer depending on the negotiating skills and persistence of the customer. Assume that these sale prices of this car are normally distributed with a mean of $19900 and a standard deviation of $360. Round your answers to 2 decimal places.

a. Dolores paid $19525 for her Rhino. What percentage of Walt's customers paid less than Dolores for a Rhino?

b. Cuthbert paid $20419 for a Rhino. What percentage of Walt's customers paid more than Cuthbert for a Rhino?

Expert Solution

(a) 15% of Walt's customers paid less than Dolores for a Rhino

(b) 7.5% of Walt's customers paid more than Cuthbert for a Rhino

The detailed answer is given in the attached file. Hope this helps

orchestra answered 1 year ago

You randomly select 36 cars of the same model that were sold at a car dealership...

You randomly select 36 cars of the same model that were sold at a car dealership and determine the number of days each car sat on the dealership’s lot before it was sold. The sample mean is 9.75 days, with a sample standard deviation of 2.39 days. Construct a 99% confidence interval for the population mean number of days the car model sits on the dealership’s lot

You randomly select 20 cars of the same model that were sold at a car dealership...

You randomly select 20 cars of the same model that were sold at a car dealership and determine the number of days each car sat on the dealership’s lot before it was sold. The sample mean is 9.75 days, with the sample standard deviation of 2.39 days. Construct a 99% confidence interval for the population mean number of days the car model sits on the dealership’s lot. Assume the days on the lot is normally distributed.

Following table shows the monthly sales of cars at a dealership: Month Number of cars Sold...

Following table shows the monthly sales of cars at a dealership: Month Number of cars Sold 1 79 2 79 3 86 4 93 5 101 6 107 7 102 8 What is the Trend equation for the above data? What is the expected sales for the 8th month based on the Trend method? How much error is there in this forecasting method using MAD?

All cars can be classified into one of four? groups: the? subcompact, the? compact, the?midsize, and...

All cars can be classified into one of four? groups: the? subcompact, the? compact, the?midsize, and the? full-size. There are five cars in each group. Head injury data? (in hic) for the dummies in the? driver's seat are listed below. Use a 0.05 significance level. Find the? P-value to test the null hypothesis that the different weight categories have the same mean. Do the sample data suggest that larger cars are? safer? Subcompact Compact Midsize Full-size 681 643 469 384...

You have been hired by a used-car dealership to modify the price of cars that are...

You have been hired by a used-car dealership to modify the price of cars that are up for sale. You will get the information about a car, and then change its price tag depending on a number of factors. Write a program (a script named: 'used_cars.m' and a function named 'car_adjust.m').The script passes the file name 'cars.dat' to the function. The following information is stored inside the file: Ford, 2010 with 40,000 miles and no accident at marked price of...

11. A sample of 30 used cars sold by an auto dealership in 2009 revealed that...

11. A sample of 30 used cars sold by an auto dealership in 2009 revealed that the correlation between selling price and number of kilometres driven was −0.45. We want to test, at the 1% significance level, if there is a negative linear relationship in the population between selling price and number of kilometres driven. According to the p-value given in the table, our conclusion would be to reject the null hypothesis and conclude that the sample evidence supports the...

Problem 1. Tanner owns a car dealership and sells used cars. Tanner buys a used car...

Problem 1. Tanner owns a car dealership and sells used cars. Tanner buys a used car at price $p and has no other costs. (a) What is Tanner’s total cost if he sells 10 cars? (b) What is Tanner’s total cost if he sells 20 cars? (c) What is Tanner’s total cost if he sells y cars, TC(y)? (d) What is Tanner’s average cost function, AC(y)? (e) For every additional car Tanner sells, by how much do his costs increase?...

Which of the following is NOT a final good? _____Replacement tires sold at a car dealership...

Which of the following is NOT a final good? _____Replacement tires sold at a car dealership _____Shoelaces included with a pair of shoes _____Ice cream _____Sprinkles for ice cream bought at the store 2. Suppose that the government purchases $50 million worth of computers from China. Which of the following GDP accounts will be affected? _______Consumption _______Investment _______Government Purchases _______Net Exports 3. Economic ____________ (growth/development) is the process by which a country's GDP increases over time, and it is caused...

Suppose that you own a car dealership and purchase (randomly select) 10 cars of a certain...

Suppose that you own a car dealership and purchase (randomly select) 10 cars of a certain make from a production run of 200 cars. Of the 200 cars, 160 are destined to last at least five years without needing a major repair. Using the hypergeometric distribution what is the probability that at least 6 of your 10 cars will last at least five years without needing a major repair.

A small car dealership keeps a log of how many cars it sells. During the last...

A small car dealership keeps a log of how many cars it sells. During the last 7 months, they sold a total of 140 cars. They also monitor accuracy of their forecasting model by calculating the tracking signal. Following is the data for the last 7 months. They use +5 and -5 as their tracking signal UCL and LCL. How is the model performing? Month Tracking Signal 1 -1.0 2 -1.5 3 -2.0 4 -2.0 5 -3.5 6 -5.8 7...

Question