Reference no: EM132173762

The owner of a bakery shop knows that the amount of bread rolls sold per day is normally distributed, with a mean of 150 rolls and a standard deviation of 25 rolls.  

i. To break even, the owner must sell at least 100 rolls. What is the probability that on any given day, the owner will break even?

ii) How many rolls should the owner bake if the probability of running short on any given day is to be no more than 10%? 

A researcher for a state government department wants to study various characteristics of retail stores in the state. A random sample of 70 retail stores reveals the following:

Average floor space = 8000 m2 with a standard deviation of 600 m2 21 stores sell Women's fashion

a) Construct a 99% confidence interval estimate of the population mean floor space of retail stores. 

b) Can we conclude that the population proportion of retail stores which sell Women's fashion is less than 40%? Use a 5% level of significance