Pounds of luncheon meats in the past week

Reference no: EM13975276

A grocery store owner has found that a sample of customers purchased an average of 3.0 pounds of luncheon meats in the past week, with a sample standard deviation of 0.5 lb.

a. If the store's meat scale is off by 0.1 lb (e.g., a pur- chase listed as 1 lb actually weighs 1.1 lb), what will be the values of the sample mean and standard devia- tion after the owner corrects his data for the weighing error?

b. Using the mean and standard deviation you calculated in part (a), and assuming the distribution of purchase amounts was bell shaped and symmetrical, what luncheon meat purchase amount would have been exceeded by only 2.5% of the customers last week?

Reference no: EM13975276

Questions Cloud

Calculate the amount of capital gain : Capital gains taxes Perkins Manufacturing is considering the sale of two nondepreciable assets, X and Y. Asset X was purchased for $2,000 and will be sold today for $2,250. Asset Y was purchased for $30,000 and will be sold today for $35,000. The fir..

Important for successful business professionals : It is important for successful business professionals to understand the facets of the American legal system and the influence of law on the business environment. From the sources and purposes of the major judicial systems and the legal processes, the..

What amount of the claim would the insurance company pay : Your home insurance policy has a $250 deductible. If a small fire causes $900 of damage to your home, what amount of the claim would the insurance company pay?

What is the market-to-book ratio and price–earnings ratio : That Wich Corp. had additions to retained earnings for the year just ended of $192,000. The firm paid out $182,000 in cash dividends, and it has ending total equity of $4.87 million. The company currently has 100,000 shares of common stock outstandin..

Pounds of luncheon meats in the past week : A grocery store owner has found that a sample of customers purchased an average of 3.0 pounds of luncheon meats in the past week, with a sample standard deviation of 0.5 lb.

With an estimated internal rate of return : Concord Hospital is considering an investment project with an estimated internal rate of return (IRR) equal to 12 percent. Under what conditions should Concord Hospital accept the project?

Reduction in interest rates : An increase in the wages for workers (as the industry responds to increases in benefits and adjustments as the minimum wage increases.

Is your mapping an isometry : ABCD is a trapezoid. Describe a way of mapping each point of DC to a point of AB so that the mapping is one-to-one. Is your mapping an isometry?

Calculate the firms tax on its operating earnings only : Interest versus dividend income During the year just ended, Shering Distributors, Inc., had pretax earnings from operations of $490,000. In addition, during the year it received $20,000 in income from interest on bonds. Calculate the firm’s tax on it..

User Account

All Pages