What is the probability that the cost will be more or less

Assignment Help Engineering Mathematics

Reference no: EM131455644

Question: In an article about the cost of health care. Money magazine reported that a visit to a hospital emergency room for something as simple as a sore throat has a mean cost of $328 (Money, January 2009). Assume that the cost for this type of hospital emergency room visit is normally distributed with a standard deviation of S92. Answer the following questions about the cost of a hospital emergency room visit for this medical service.

a. What is the probability that the cost will be more than $500?

b. What is the probability that the cost will be less than $250?

c. What is the probability that the cost will be between $300 and $400?

d. If the cost to a patient is in the lower 8% of charges for this medical service, what was the cost of this patient's emergency room visit?

Reference no: EM131455644

Questions Cloud

Discuss about the communication barriers : WRTG 394 : Description of community setting, including a description of the 3-4 communication inhibitors that occur in that setting.

How high does a stock price have to be to put a company : The average stock price for companies making up the S&P 500 is $30. and the standard deviation is $8.20 (Business Week. Special Annual Issue.

How our minds impact organizational behavior : What are your initial thoughts on how our minds impact organizational behavior and do you believe that neuroscience should be a more of a focal point.

Prepare an amortization schedule for a three-year loan : Prepare an amortization schedule for a three-year loan of 54,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments.

What is the probability that the cost will be more or less : In an article about the cost of health care. Money magazine reported that a visit to a hospital emergency room for something as simple as a sore throat.

What effect do you feel it will have on the audience : Write a 250-500-word essay that clearly violates an ethical standard. What ethical standard you violated. What effect do you feel it will have on the audience?

How much will each annual payment be : The savings account pays 6.33 percent per year, compounded annually. How much will each annual payment be?

Provide direction for your discussion of servant leadership : For assignment, locate sources that provide a direction for your discussion of servant leadership, ethics, and entrepreneurism as they relate to your efforts.

Compute the expected value for the level of optimism : The Barron's Big Money Poll asked 131 investment managers across the United States about their short tem investment outlook.

User Account

All Pages