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The annual income of a large group of supervisors at Belco Industries follows the normal distribution. The mean amount earned yearly is $48,000 and the standard deviation is $1,200. The length of service of the same supervisors also follows the normal distribution, with a mean of 20 years and a standard deviation of 5 years. John McMaster earns $50,400 annually and has 10 years of service.
a. Compare his income with those of the other supervisors.
b. Compare his length of service with those of the other supervisors.
c. The president of Belco wants to give a bonus to those supervisors at the lower end of the income distribution. If he gives a bonus to the lowest 8 percent, what is the cutoff point between those who receive the bonus and those who do not?
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A manufacturer of executive jet aircraft is concerned with its profit picture over the short run. It produces two different models of planes, x1 and x2. Its profits are $30,000 for each x1 and $20,000 for each x2. There are two major constraints o..
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