Data from the Bureau of Labor Statistics’ Consumer Expenditure Survey (CE) show that annual expenditures for...

Data from the Bureau of Labor Statistics’ Consumer Expenditure Survey (CE) show that annual expenditures for cellular phone services per consumer unit increased from $237 in 2001 to $634 in 2007. Let the standard deviation of annual cellular expenditure be $52 in 2001 and $207 in 2007.

What is the probability that the average annual expenditure of 125 cellular customers in 2001 exceeded $220? (Round “z” value to 2 decimal places, and final answer to 4 decimal places.)

Probability

b.	What is the probability that the average annual expenditure of 125 cellular customers in 2007 exceeded $607? (Round “z” value to 2 decimal places, and final answer to 4 decimal places.)

Probability

Expert Solution

milcah answered 1 year ago

Data from the Bureau of Labor Statistics’ Consumer Expenditure Survey show that annual expenditures for cellular...

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