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The shape of the distribution of the time required to get in oil change at a 15 minute oil change facility is unknown. However records indicate that the mean time is 16.2 minutes and the standard deviation is 3.3 minutes.
What is the probability that a random sample of n= 40 oil changes results in a sample mean time less than 15 minutes ? (Round 4 decimal places)
Suppose the manager agrees to pay each employee a $50 bonus if they meet a certain goal. On a typical Saturday the oil change facility will perform 40 oil changes between 10 AM and 12 PM. Treating this as a random sample there would be a 10% chance of the mean oil change time being at or below what value.
There is a 10% chance of being at or below or mean or oil change time of ______ minutes?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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