What is the probability that a random sample

Assignment Help Microeconomics
Reference no: EM13692463

The weight of people in a small town in Missouri is known to be normally distributed with a mean of 173 pounds and a standard deviation of 28 pounds. On a raft that takes people across the river, a sign states, “Maximum capacity 3,528 pounds or 18 persons.” What is the probability that a random sample of 18 persons will exceed the weight limit of 3,528 pounds?

What is the probability?

 

Reference no: EM13692463

Questions Cloud

Part of the administrative burden of a tax : Part of the administrative burden of a tax is
Decreased from about ten percent to less than one percent : From 1950 to today, government spending on Social Security, Medicare, and Medicaid as a percentage of GDP has. decreased from about ten percent to less than one percent.
Market output and the profit at the equilibrium : Suppose that the inverse demand function is given by P=50-Q, and cost function of a firm is C=5qi:  For a competitive industry, find the market price, market output and the profit at the equilibrium.
More money to make their everyday purchases : As you may recall from the readings, money demand rises when the price level rises because people will need more money to make their everyday purchases. For example, if the price index rose from 100 to 140.
What is the probability that a random sample : Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 ..
Steady equilibrium as outlined in the solow model growth : Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 ..

Reviews

Write a Review

Microeconomics Questions & Answers

  The beach to do with as they please including harvesting

in costa rica only a few beaches remain that are nesting grounds for sea turtles. some of those beaches have

  Competitive stance in marketplace

Explain how a company that is competing in a purely (or perfectly) competitive market should increase its competitive stance in the marketplace. Provide specific examples.

  Why is such a difference in asias share of global real gdp

1. Why is there such a difference in Asia's share of global real GDP, depending on whether the computation uses purchasing power parties or exchange rates 2. Why is Asia's "economic size" so much smaller on a per capita basis than on an a..

  How many firms will be operating in the equilibrium

How much is the long-run equilibrium price? How many firms will be operating in this equilibrium? Plot two side-by-side graphs to illustrate the long-run equilibrium; one should show a typical firm in equilibiurm, the other should show the market..

  How to classify level of competition or we can say does

how would you characterize the level of competition? bull in other words does this company or industry have a lot of

  Find what happens to other countrys payoff if it decides

suppose two entities are considering collusion - to make things legal consider a situation similar to opec except

  How are sunk costs included in engineering economy

Based on a Rate-of-Return analysis of alternatives A & B alternative B was selected. A Net Equivalent Uniform Annual analysis of the same alternatives led to the selection of alternative A. Describe the circumstances which could lead to this outco..

  Intermediate microeconomics revenue and profit max

Imagine there's only one movie theatre near a school campus. Local demand for movies is given by: What is the profit function? What is the theatre's maximizing q* and p*?

  Computing expected production

The effective capacity and efficiency for next quarter at MMU Mfg. in Waco, Texas, for each of three departments are given below. Compute the expected production for next quarter for each department.

  Predict the effect of e-commerce on equilibrium output

Business Week recently declared, “We have entered the Age of the Internet” and observed that when markets for goods or services gain access to Internet, more consumers and more businesses participate in the market.

  Explain what short is--run effect of a fiscal contraction

Explain what the short is--run effect of a fiscal contraction (lower government spending for example? What happens to the nominal wage rate during the process of moving from short-run equilibrium to long run equilibrium? What about real wage rate

  Demand-supply and the determination of market price

Calculate the market demand for strawberries and plot it on a graph. On the same graph plot the supply function using the data in column A. What are the equilibrium price and equilibrium quantity?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd