2.38 Baggage fees: An airline charges the following baggage fees: $20 for the first bag and $35 for the second. Suppose 50% of passengers have no checked luggage, 35% have only one piece of checked luggage and 15% have two pieces. We suppose a negligible portion of people check more than two bags. a) The average baggage-related revenue per passenger is: $ (please round to the nearest cent) b) The standard deviation of baggage-related revenue is: $ (please round to the nearest cent) c) About how much revenue should the airline expect for a flight of 130 passengers? $ (please round to the nearest dollar)
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
2.38 Baggage fees: An airline charges the following baggage fees: $20 for the first bag and $35 for the second. Suppose 50% of passengers have no checked luggage, 35% have only one piece of checked luggage and 15% have two pieces. We suppose a negligible portion of people check more than two bags.
a) The average baggage-related revenue per passenger is: $ (please round to the nearest cent)
b) The standard deviation of baggage-related revenue is: $ (please round to the nearest cent)
c) About how much revenue should the airline expect for a flight of 130 passengers? $ (please round to the nearest dollar)
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