What is the standard deviation of acres burned per year

Assignment Help Microeconomics
Reference no: EM13180932

1. The number of acres burned by forest and range fires each year in western New Mexico is normally distributed with a mean of 4,300 acres. Last year 4,600 acres burned and it was reported that this acreage was 1/2 standard deviation above the mean. What is the standard deviation of acres burned per year?

2. The number of acres burned by forest and range fires each year in western Nevada is normally distributed with a mean of 5,300 acres. Last year 4,400 acres burned and it was reported that this acreage was 1.43 standard deviations below the mean. What is the standard

deviation of acres burned per year?


3. The Squinta Theater chain conducted a study to determine the amount spent by patrons per visit at theater concessions. They found the distribution of concession expenditures to be normally distributed with a mean of $4.11 and a standard deviation of $1.17.

a. How likely is it that a randomly selected customer will have spent between $4.11 and $6.00?
b. How likely is it that a randomly selected customer will have spent more than $6.00?
c. What is the probability that the next customer will spend at least $2.00?

4. A machining process produces specialty metal parts used in aircraft. A particular part is designed to be 62 cm in length. The machine is set to cut at 62 cm but the process is stochastic with a mean length of 62 cm and a standard deviation of 0.04 cm. It is know that the process follows a normal distribution.
a. The acceptable tolerances for the part are 62 cm plus or minus 0.10 cm. What proportion of parts cut by this machine is within the specified tolerances?
b. If the standard deviation were 0.03 cm, what proportion of parts cut by this machine is within the specified tolerances?


5. Assume pretzel sales at Temple football games are normally distributed with a mean of 1216 and a standard deviation of 236.
a. If the concession manager orders 1500 pretzels for the game next week, what is the probability that they will sell out?
b. If the concession manager wants to sell out of pretzels no more than 20% of the time, what should his pretzel order be?

Reference no: EM13180932

Questions Cloud

Briefly describe the research to the mall owner : What is the probability that the mean rain in the area will be higher this year than in the previous five years? How will you briefly describe the research to the mall owner?
Making education a more valued : How can we as a society (and individuals) go about making education a more valued and appreciated societal institution? Please share your thoughts and ideas.
What is the present worth of this investment : Aerotron Electronics is considering purchasing a water filtration system to assist in circuit board manufacturing. The system costs $40,000. It has an expected life of 7 years at which time its salvage value will be $7,500. Operating and maintenan..
Developed through socialization : Examine your own political attitudes and how they have been developed through socialization. I know it says your own but I am just having a hard time with it.
What is the standard deviation of acres burned per year : A machining process produces specialty metal parts used in aircraft. A particular part is designed to be 62 cm in length. The machine is set to cut at 62 cm but the process is stochastic with a mean length of 62 cm and a standard deviation of 0...
What about card limits-credit card solicitations : It can be agreed that banks are acting in a responsible manner when it comes to credit card solicitations. This is reflection in the way they are prompt in making the customer aware of the dues and payment clearance date.
What might pfizer hadid pfizer violate any ethical standards : In the 1990s, Pfizer, Inc., developed a new antibiotic called Trovan (trovafloxacin mesylate). Tests showed that in animals Trovan had life-threatening side effects, including joint disease, abnormal cartilage growth, liver damage and a degenerati..
World trade center or pentagon : Describe at least two personnel safety issues faced by September 11th first responders (World Trade Center or Pentagon). Provide two suggestions for how government agencies (local, state, and or federal) could have coordinated and communicated better..
Strategies for reducing adverse selection in insurance : Describe some healthcare situations in which an agent has taken advantage of a principal.Now describe some healthcare transactions that have not taken place because of fears about asymmetric information. What are some strategies for reducing adverse..

Reviews

Write a Review

Microeconomics Questions & Answers

  How demand and supply determines prices

how demand and supply determines prices in "contemporary art market" and the effects on speculation

  Percentage of employee compensation is employee benefits

Employee benefits have become more and more an important part of employee compensation. According to the text, what percentage of employee compensation is employee benefits?

  Analyze the potential for a collaborative approach

Determine the optimum prices and outputs for both Airbus and Boeing if they decide to proceed individually without collaborating in the development of the VLCT.

  Who has a comparitive advantage in jigsaw puzzles?

Who has a comparitive advantage in jigsaw puzzles? If Tom and Tessa specialize in producing the good in which they enjoy a comparative advantage, what are the quantities of jigsaw puzzles and kites produced?

  How the trade both help and hurt the u.s. economy

Imagine that you were the president of a merging county that is trying to reduce the number of its imports. Explain one (1) protectionist policy that you would utilize to help domestic industry over all.

  What is the value of consumer surplus

Assume that the demand curve is given by the following: p=100 and the supply curve is given by Q=p-25. If the government puts in place a tax of 10 that must be paid by the buyer the deadweight loss that results is equal to:

  Deriving the supply curve

Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - 0.2xPWorkers, where QCars is the quantity of cars (in thousands), PCars is the price of cars and PWorkers is the wage earned by autoworkers.

  What is the gross demand for consumption by a iciw

What is the gross demand for consumption by a ICIW tribe member for pineapples in period 1? In period 2? For a GHN tribe member in period 1? In period 2?

  Distinguish between long-run and short-run profits

Does this case illustrate the law of diminishing marginal productivity and in this case, less and less of a single factor, labor, is being used. Does this have anything to do with the law of diminishing marginal utility?

  Describe degree of operating leverage

Southcoast Oil's fixed costs are $2,500,000 and its debt repayment requirements are $1,000,000. Selling price per barrel of oil is $18 and variable costs per barrel are $10.

  University pricing strategy

What market structure best characterizes the market in which universities compete? How does this structure influence the university's pricing strategy?

  Implications for market structure

Determine how does globalization lead to greater competition in market place? Discuss the implications for market structure in industries opened to global competition?

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