Statistics for Business and Economics
Statistics for Business and Economics
8th Edition
ISBN: 9780132745659
Author: Paul Newbold, William Carlson, Betty Thorne
Publisher: PEARSON
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Chapter 5.2, Problem 16E
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Calculate the mean and standard deviation of annual income.

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The mean cost of domestic airfares in the United States rose to an all-time high of $395 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $115. Use Table 1 in Appendix B. a.  What is the probability that a domestic airfare is $540 or more (to 4 decimals)? b.  What is the probability that a domestic airfare is $240 or less (to 4 decimals)? c.  What if the probability that a domestic airfare is between $300 and $490 (to 4 decimals)? d.  What is the cost for the 5% highest domestic airfares? (rounded to nearest dollar)
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Statistics for Business and Economics

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