7. Circus A traveling circus has found that its average attendance per performance is 6000 people...

7. Circus

A traveling circus has found that its average attendance per performance is 6000 people with a

standard deviation of 1500. Assume that attendance is normally distributed.

a)

Suppose that a town asks the circus to come, but the only available site in town holds a

maximum of 8000 people. What is the probability that this site will reach capacity?

b)

If the circus loses money on 20% of its performances, what attendance must it have to

break even for a performance?

Expert Solution

milcah answered 9 months ago

A company has the project costs $50,000 now and $6000 per year for 7 years beginning...

A company has the project costs $50,000 now and $6000 per year for 7 years beginning 1 year from now with increases of 8% per year thereafter for the next 9 years. Calculate a project’s present worth with a real interest rate of 10% per year and an inflation rate of 4% per year.

The average expenditure per student (based on average daily attendance) for a certain school year was...

The average expenditure per student (based on average daily attendance) for a certain school year was $10,337 with a population standard deviation of $1560. A survey for the next school year of 150 randomly selected students resulted in a sample mean of $10, 798. Find the 95% confidence level? Should the null hypothesis be rejected? please write in the computer.

The average daily attendance of a small amusement park is 4,219 people. In order to increase...

The average daily attendance of a small amusement park is 4,219 people. In order to increase the average daily attendance, the park owners decided to lower the price for admissions. For the first 25 days after the highly publicized price reduction the average daily attendance was 4,537. You can assume that the population standard deviation is 674. Assume that these 25 days can be considered a random sample of the days to come and that daily attendance follows a normal...

Problem 2: The average Saturday attendance at a movie theater is 974 people with a standard...

Problem 2: The average Saturday attendance at a movie theater is 974 people with a standard deviation of 54 people. A random sample of 39 Saturdays is selected Part A: What is the probability that a sample mean will be either less than 954 people or greater than 970 people? Part B: There is a 97% chance that a sample mean will be above what attendance level? Part C: What is the probability that more than 1000 people will attend...

Problem 1: The average Saturday attendance at a movie theater is 974 people with a standard...

Problem 1: The average Saturday attendance at a movie theater is 974 people with a standard deviation of 54 people. Part A: What is the probability that less than 900 people will attend this coming Saturday? Part B: What is the probability of between 875 and 1075 people will attend this Saturday? Part C: Eighty percent of Saturday attendances will be less than how many people? Part D: The movie theater manager wants to determine a staffing level such that...

The average salary of merchandisers is $54,000 per year with a standard deviation of $6000. a....

The average salary of merchandisers is $54,000 per year with a standard deviation of $6000. a. What is the probability that a merchandiser earns more than $66,000 per year? (Round z-score computation to 2 decimal places and the final answer to 4 decimal places.) Probability 0.5228 b. What is the probability that a merchandiser earns less than $42,000 per year? (Round z-score computation to 2 decimal places and the final answer to 4 decimal places.) Probability 0.5228 c. What is...

In a large company a sample of 7 people has been selected. The average amount of...

In a large company a sample of 7 people has been selected. The average amount of hours of physical activity per person per week, calculated from this sample is 2.5 hours. The standard deviation calculated from the same sample is s=0.5 hours. Assuming normality, determine the 98% Confidence Interval for the average amount of hours of physical activity per person per week in the entire company. Left end (rounf to one decimal place) Right end (rounf to one decimal place)

The baseball commissioner believes that the average attendance is less than 2,300,000 per team. You decide...

The baseball commissioner believes that the average attendance is less than 2,300,000 per team. You decide to conduct a test of hypothesis to determine whether the mean attendance (Attendance Column) was more than 2,300,000 per team. Use the 5% level of significance. Note: We do not know the populations standard deviation. Attendance 2.16 2.97 2.68 2.28 3.05 1.62 3.37 2.30 4.27 1.92 2.67 1.39 2.35 2.36 2.32 2.75 3.25 2.06 2.38 1.37 3.02 3.86 2.87 3.85 3.11 1.75 2.79 3.22...

Lifetime Escapes generates average revenue of $7 970 per person on its 7-day package tours to...

Lifetime Escapes generates average revenue of $7 970 per person on its 7-day package tours to wildlife parks in Zimbabwe. The variable costs per person are as follows: Airfare $1600 Hotel accommodations 3000 Meals 500 Ground transportation 400 Park tickets and other costs 500 Total $6000 Annual fixed costs total $400 000. Required: Calculate the number of package tours that must be sold to break even. Calculate the revenue needed to earn a target profit of $100 000. (1 mark)...

A manufacturing company claims that its machines dispense, on average, 7 ounces per cup with a...

A manufacturing company claims that its machines dispense, on average, 7 ounces per cup with a standard deviation of 0.15 ounces. A consumer is skeptical of this claim, believing that the mean amount dispensed is less than 7 ounces. A sample of size 100 is chosen, which yields the average amount per cup: 6.6 ounces, what conclusions can be drawn? State the null and alternative hypotheses, and compute the P–value to justify your answer.

Question