The percent of the market’s customers spend over $100.

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Answer 1

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 9.3, Problem 40E

(a)

To determine

To find: The percent of the market’s customers spend over $100.

(b)

To determine

To find: The percent of the market’s customers spend less than $50.

(c)

To determine

To find: The percent of the market’s customers spend between $0 and $50.

(d)

To determine

To discuss: Whether the amounts that customers spend is likely to be normally distributed based on the answers to part (b) and (c) and also to explain why this might be expected.

(d)

To determine

To find: The smallest and largest amounts spent by the middle 50% of the market’s customers.

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Answer 2

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 9.3, Problem 40E

(a)

To determine

To find: The percent of the market’s customers spend over $100.

(b)

To determine

To find: The percent of the market’s customers spend less than $50.

(c)

To determine

To find: The percent of the market’s customers spend between $0 and $50.

(d)

To determine

To discuss: Whether the amounts that customers spend is likely to be normally distributed based on the answers to part (b) and (c) and also to explain why this might be expected.

(d)

To determine

To find: The smallest and largest amounts spent by the middle 50% of the market’s customers.

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Answer 3

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 9.3, Problem 40E

(a)

To determine

To find: The percent of the market’s customers spend over $100.

(b)

To determine

To find: The percent of the market’s customers spend less than $50.

(c)

To determine

To find: The percent of the market’s customers spend between $0 and $50.

(d)

To determine

To discuss: Whether the amounts that customers spend is likely to be normally distributed based on the answers to part (b) and (c) and also to explain why this might be expected.

(d)

To determine

To find: The smallest and largest amounts spent by the middle 50% of the market’s customers.

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Answer 4

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 9.3, Problem 40E

(a)

To determine

To find: The percent of the market’s customers spend over $100.

(b)

To determine

To find: The percent of the market’s customers spend less than $50.

(c)

To determine

To find: The percent of the market’s customers spend between $0 and $50.

(d)

To determine

To discuss: Whether the amounts that customers spend is likely to be normally distributed based on the answers to part (b) and (c) and also to explain why this might be expected.

(d)

To determine

To find: The smallest and largest amounts spent by the middle 50% of the market’s customers.

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Answer 5

Chapter 9.3, Problem 40E

(a)

To determine

To find: The percent of the market’s customers spend over $100.

(b)

To determine

To find: The percent of the market’s customers spend less than $50.

(c)

To determine

To find: The percent of the market’s customers spend between $0 and $50.

(d)

To determine

To discuss: Whether the amounts that customers spend is likely to be normally distributed based on the answers to part (b) and (c) and also to explain why this might be expected.

(d)

To determine

To find: The smallest and largest amounts spent by the middle 50% of the market’s customers.

Answer 6

Chapter 9.3, Problem 40E

(a)

To determine

To find: The percent of the market’s customers spend over $100.

Answer 7

Chapter 9.3, Problem 40E

(a)

To determine

To find: The percent of the market’s customers spend over $100.

Answer 8

(b)

To determine

To find: The percent of the market’s customers spend less than $50.

Answer 9

(b)

To determine

To find: The percent of the market’s customers spend less than $50.

Answer 10

(c)

To determine

To find: The percent of the market’s customers spend between $0 and $50.

Answer 11

(c)

To determine

To find: The percent of the market’s customers spend between $0 and $50.

Answer 12

(d)

To determine

To discuss: Whether the amounts that customers spend is likely to be normally distributed based on the answers to part (b) and (c) and also to explain why this might be expected.

Answer 13

(d)

To determine

To discuss: Whether the amounts that customers spend is likely to be normally distributed based on the answers to part (b) and (c) and also to explain why this might be expected.

Answer 14

(d)

To determine

To find: The smallest and largest amounts spent by the middle 50% of the market’s customers.

Answer 15

(d)

To determine

To find: The smallest and largest amounts spent by the middle 50% of the market’s customers.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 9.1 - Find the mean of the following data: 12, 17, 21,...Ch. 9.1 - Prob. 2YT Ch. 9.1 - Prob. 3YT Ch. 9.1 - Prob. 1E Ch. 9.1 - Prob. 2E Ch. 9.1 - Prob. 3E Ch. 9.1 - Prob. 4E Ch. 9.1 - Prob. 5E Ch. 9.1 - Prob. 6E Ch. 9.1 - Prob. 7E

The percent of the market’s customers spend over $100.

Solution Summary: The author calculates the percent of the market's customers spend over 100, which is 14.7%.

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To find: The percent of the market’s customers spend over $100.

To find: The percent of the market’s customers spend less than $50.

To find: The percent of the market’s customers spend between $0 and $50.

To discuss: Whether the amounts that customers spend is likely to be normally distributed based on the answers to part (b) and (c) and also to explain why this might be expected.

To find: The smallest and largest amounts spent by the middle 50% of the market’s customers.

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Chapter 9 Solutions