Minutes and a standard deviation

Assignment Help Operation Management

Reference no: EM13810076

Jack Jones is looking at buying a new cell phone plan and found one called "You Decide Your Minutes" Under this plan he would choose a quantity of minutes, say x, per month that she would buy at 5 cents per minute. Hence, his upfront cost would be $0.05x. If his usage is less than this quantity x in a given month, he loses the minutes. If his usage in a month exceeds this quantity x, he would have to pay 40 cents for each extra minute (that is, each minute used beyond x). For example, if he contracts for x=120 minutes per month and his actual usage is 40 minutes, his total bill is $120 x 0.05 = $6.00. However, if actual usage is 130 minutes his total bill would be $120 x 0.05 + (130 -120) x 0.40 = $10.00. Jack estimates that his monthly needs are best approximated by the Normal distribution with a mean of 250 minutes and a standard deviation of 24 minutes. How many minutes should he contract for?

Reference no: EM13810076

Questions Cloud

Strategies for addressing conflict in relationships : Strategies for addressing conflict in relationships, Positive and negative aspects of divorce, Comparing types of love relationships

Briefly describe what double hashing is : Briefly describe what double hashing is and describe what problem double hashing helps to resolve. Also, provide an example of a rule that can be used for a double hashing probe sequence

Magnetic field at the center of the loop : Find the magnetic field at the center of the loop and express it as a function of time.

Write an essay about persepolis by marjane satrapi : Write an essay about Persepolis by Marjane Satrapi.

Minutes and a standard deviation : Jack estimates that his monthly needs are best approximated by the Normal distribution with a mean of 250 minutes and a standard deviation of 24 minutes. How many minutes should he contract for?

Analyze the relevance of habeas corpus : Analyze the relevance of habeas corpus to the contemporary U.S. situation during the war on terror, especially with respect to persons characterized by as enemy combatants or illegal combatants.

Discuss nequality and immigration in human service : discuss diversity, inequality, and immigration in human services

Accounts receivable system appication : A common business application is an 'Accounts Receivable' (AR) system. Companies use an AR system to bill their customers on sales of their products

Write a summary of the given article : Write a summary of the article "Modeling and Simulation of the Communication Networks in Smart grid".

User Account

All Pages