Solution-What is the probability that a household spends

What is the probability that a household spends

Reference no: EM132581310

According to the Statistical Bureau's consumer expenditure survey in 2017 for the island of Maui, the average household spent $1000 annually on gasoline. Suppose that the annual household expenditure on gasoline is normally distributed. Since some households spend nothing on gasoline, let us assume that the range of annual household gasoline expenditures varies from zero to $2500, so that the standard deviation is approximately $500.

A. What is the probability that a household spends more than $1600 per year on gasoline?

B. Ninety five percent of all gasoline expenditures would be expected to fall within what symmetrical limits?

C. What is the probability that a household chosen at random spent between $800 and $1500 on gasoline annually?

D. A new survey indicated that 10% of households now spend more than $1600 per year on gasoline, what is the new mean annual expenditure on gasoline?

E. What is the probability that a random sample of 50 households spent less than an average of $750 per year on gasoline?

Reference no: EM132581310

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What is the probability that a household spends

Reference no: EM132581310

Reference no: EM132581310

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