Determine the largest proportion of meal prices

Reference no: EM13983041

When the Zagat Survey®, a leading provider of leisure-based survey results, released its San Francisco Restaurants Survey, it marked the 25th year that Zagat Survey reported on diners and the 19th year that the company has covered San Francisco. The participants dined out an average of 3.2 times per week, with the average price per meal falling from the previous year from $34.07 to $33.75.

a. If the standard deviation of the price of meals in San Francisco was $10, determine the largest proportion of meal prices that could be larger than $50.

b. If the checks were paid in Chinese currency ($1 USD = 8.0916 Chinese yuan), determine the mean and standard deviation of meal prices in San Francisco. How would this change of currency affect your answer to part a?

Reference no: EM13983041

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