ECON 2300 Homework Assignment 5 Solutions

ECON 2300 Homework Assignment 5 Solutions - .0559 .0091...

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.9772 .0228 .8844 .9772 .0918 .0918 .9000 .9909 .0091 .0559 ECON 2300 Homework Assignment 5 Solutions 1. (from Chapter 6) Sales directors for a large company submit monthly expense reports to be reimbursed for expenses related to business meals. The average amount requested per month for all sales directors in the company is normally distributed with a mean of μ =$700 with a standard deviation of σ =$150. a. What percentage of sales directors for the company request more than $1000 per month for business meals? P(x>$1000) = P(z>(1000-700)/150) = P(z>2.00) The area under the curve to the left of z=2.00 is .9772. P(x>$1000) = 1-.9772 = .0228 or 2.28% Usi ng Ex cel: =1- N O R M SD IS T( 2) μ=700 x=1000 x 0 2.0 z Live Scribe Demo Link: http://www.livescribe.com/cgi-bin/WebObjects/LDApp.woa/wa/MLSOverviewPage? sid=FTtfzpnCzfMK
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b. What percentage of sales directors request between $500 and $1000 a month in reimbursements? P(500≤x≤1000)= P((500-70)/150 ≤ z ≤ (1000-700)/150)=
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ECON 2300 Homework Assignment 5 Solutions - .0559 .0091...

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