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Management of an airline uses a normal distribution to model…

Posted byAnonymous July 3, 2021December 5, 2023

Questions

Mаnаgement оf аn airline uses a nоrmal distributiоn to model the value claimed for a lost piece of luggage on domestic flights.  The mean of the distribution is $600 and the standard deviation is $85.  Suppose a random sample of 65 pieces of luggage is to be selected.   a.   What is the expected value of the average claimed value of the 65 pieces of lost luggage? [mean]   b.   What is the standard deviation of the sampling distribution of the sample mean claimed value of the 65 pieces of lost luggage? [st.dev.]   c.   What is the approximate probability that the average claimed value of the 65 pieces is over $625? [probability]

Mаnаgement оf аn airline uses a nоrmal distributiоn to model the value claimed for a lost piece of luggage on domestic flights.  The mean of the distribution is $600 and the standard deviation is $85.  Suppose a random sample of 65 pieces of luggage is to be selected.   a.   What is the expected value of the average claimed value of the 65 pieces of lost luggage? [mean]   b.   What is the standard deviation of the sampling distribution of the sample mean claimed value of the 65 pieces of lost luggage? [st.dev.]   c.   What is the approximate probability that the average claimed value of the 65 pieces is over $625? [probability]

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