Find the mean and standard deviation of the sampling

Assignment Help Business Economics
Reference no: EM131932829

Jan's All You Can Eat Restaurant charges ?$9.10 per customer to eat at the restaurant. Restaurant management finds that its expense per? customer, based on how much the customer eats and the expense of? labor, has a distribution that is skewed to the right with a mean of ?$8.30 and a standard deviation of ?$4

a. If the 100 customers on a particular day have the characteristics of a random sample from their customer? base, find the mean and standard deviation of the sampling distribution of the? restaurant's sample mean expense per customer.

The mean is ___

b. Find the probability that the restaurant makes a profit that? day, with the sample mean expense being less than ?$9.10

?(Hint: Apply the central limit theorem to the sampling distribution in? (a).?(Round to the nearest thousandth as? needed.) ____

Reference no: EM131932829

Questions Cloud

Describe the functions the system should perform : Nontrivial: The selected project should be large enough to allow reasonable exercise of the system analysis and design process.
Association between time of screening and diagnosis : Do these data support the null hypothesis that there is no association between time of screening and diagnosis?
Probability that annual return on common stocks is negative : What is the probability that annual return on common stocks is negative?
Describe a comprehensive set of relevant resources : Describe a comprehensive set of relevant resources, both community and national, for adults with this condition. Provide description of resources.
Find the mean and standard deviation of the sampling : If the 100 customers on a particular day have the characteristics of a random sample from their customer? base, find the mean and standard deviation
Do you feel that hipaa really protects the patient : Share your thoughts on HIPAA with the class. Do you feel that HIPAA really protects the patient?
Explain the goals as the focus of your personal fitness plan : You will then use these goals as the focus of your personal fitness plan, which is due at the end of the semester.
What should be the price of the stock today : The common stock of ABC Corp. just paid a dividend of $3.00 per share today. What should be the price of the stock today?
Pegged exchange rates : Faced with a continuing drain of U.S. gold reserves, the U.S. chose to. Pegged exchange rates

Reviews

Write a Review

Business Economics Questions & Answers

  Relationship between mankind and technology

In "Final Jeopardy" (pp. 234-242), Stephen Baker expresses an interesting look at the way technology, especially in terms of machines, could dramatically change the relationship between mankind and technology—not just helping us to locate information..

  Best estimate of the correlation coefficient

Statistical Methods in Business & Economics – Final Exam BUS405 (2009A), best estimate of the correlation coefficient

  Equation or equations for stock pricing

What is (are) the equation or equations for stock pricing?

  What is your advice regarding this influential force

What do you believe is the single most influential force in today's society that sets the tone for an individual's personal values and why? Does this force affect Christians positively or negatively? What is your advice regarding this influential for..

  Comparative advantage in producing

What are some examples of goods that the United States has comparative advantage in producing?

  Then do a SWOT analysis of Cirque Du Soleil

Next write about the situation at hand and what is involved. Then do a SWOT analysis of Cirque Du Soleil. Then give your suggestions to improve Cirque Du Soleil's business in the global arena. Why do they export to the international locations they se..

  Positive economics deals with

Positive economics deals with

  Goods are difficult to provide in the private market

Public goods are difficult to provide in the private market because they have the characteristics of:

  Working with the labor-leisure trade-off

Bill faces a wage of $10 per hour (W = $10/hr) and is trying to decide how to best allocate his daily 24 hours between work (which he does not like) and leisure ( which he thoroughly enjoys). Please construct Bill’s daily budget line with total incom..

  Making monthly contributions to savings program

Many persons prepare for retirement by making monthly contributions to a savings program. Suppose that $2, 300 is set aside each year and invested in a savings account that pays 20% interest per year, compounded continuously Determine the accumulated..

  Technology transfer in the solow model

Technology transfer in the Solow model: One explanation for China’s rapid economic growth during the past several decades is its expansion of policies that encourage “technology transfer.” Draw a graph showing what happens to output in China over tim..

  Consider the sequential game between firm

Consider the following sequential game between firm 1 and firm 2. First, firm 1 decides to adopt either technology A or technology B. Firm 2 observes firm 1's decision and then also decides between technology A or technology B. The profits (in thousa..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd