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nata0808 [166]
3 years ago
14

The time required for an automotive center to complete an oil change service on an automobile approximately follows a normal​ di

stribution, with a mean of 1717 minutes and a standard deviation of 2.52.5 minutes. ​(a) the automotive center guarantees customers that the service will take no longer than 2020 minutes. if it does take​ longer, the customer will receive the service for​ half-price. what percent of customers receive the service for​ half-price? ​(b) if the automotive center does not want to give the discount to more than 77​% of its​ customers, how long should it make the guaranteed time​ limit?
Business
1 answer:
sveticcg [70]3 years ago
3 0
Let X be the time or period needed for an automobile center to finish an oil change.

X ∼ N (17, 2.5) 

a) 

P(X ≥ 20) = P((X - 17)/5 ≥ (20- 17)/2.5) = P(Z ≥ 1.2) = .1151 *100 = 11.51% is the answer

b) 
P(X ≥ x) = 0.07 

P (X - 17)/2.5 ≥ (x - 17)/2.5) = 0.07

P (Z ≥ z) = 0.07
look at the z table, 0.07 lies between 1.47 and 1.48, add and then divide you'll get:z = 1.475

1.475 = (x - 17)/2.5 

x = 20.6875 ≈ 21 minutes
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Suppose that the MPC is 0.8 and that $14 trillion of real GDP is currently being demanded. The government wants to increase real
DaniilM [7]

Answer:

$200 billion

Explanation:

Given that,

Marginal propensity to consume, MPC = 0.8

Real GDP currently being demanded = $14 trillion

Government wants to increase real GDP demanded to $15 trillion.

Multiplier:

=\frac{1}{1 - MPC}

=\frac{1}{1 - 0.8}

= 5

Government wants to increase real GDP by:

= $15 trillion - $14 trillion

= $1 trillion

Therefore, the government has to increase spending:

=\frac{1}{multiplier}\times Desired\ increase\ in\ real\ GDP

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6 0
3 years ago
An economy produces 1,000,000 computers valued at $2,000 each. Households purchase 200,000 computers, of which 100,000 are impor
Irina18 [472]

Answer:

$800 million

Explanation:

GDP = consumption (C) + investment (I) + government spending (G) + Net Export (NX)

Y = C + I + G + NX

The number of computers left is

= 1,000,000 - 200,000 (household) - 300,000 (businesses) - 300,000 (government) - 100,000 (Foreign)

= 100,000

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Total of these two = 200 + 600 million

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Therefore, the value of the investment component of GDP is $800 million.

7 0
3 years ago
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