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Reil [10]
3 years ago
6

The fares received by taxi drivers working for the City Taxi line are normally distributed with a mean of $12.50 and a standard

deviation of $3.25. Based on this information, what is the probability that a specific fare will exceed $15.00?
Business
1 answer:
Lyrx [107]3 years ago
3 0

Answer:

0.2308 or 23.08%

Explanation:

Mean (μ) = $12.50

Standard deviation (σ) = $3.25

Assuming a normal distribution, for any given fare X, the z-score is calculated as:

z = \frac{X-\mu }{\sigma}

For X = $15.00, the z-score is:

z = \frac{15.00-12.50 }{3.25}\\ z=0.7692

A z-score of 0.7692 corresponds to the 77.91-th percentile of a normal distribution. Therefore, the probability that a fare exceeds $15.00 is:

P(X>\$15.00) = 1-0.7692 = 0.2308

The probability that a specific fare will exceed $15.00 is 0.2308.

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Complete Question:

PB10-2 Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-to-Assets Ratio [LO 10-2, LO 10-5]

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Dec. 31 Determined wages of $12,000 were earned but not yet paid on December 31 (Ignore payroll taxes).

Dec. 31 Adjusted the accounts at year-end, relating to interest.

Dec. 31 Adjusted the accounts at year-end, relating to rent.

Required:

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2 Journal Entry Worksheet 1 (image 2)

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Nolan is applying for a promotion within his company. the ________ state that the qualified candidate must have a four-year coll
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Some countries have high minimum wages and require a lengthy and costly process to get permission to open a business Select one:
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Answer:

b. Reducing the minimum wage and the time and cost to open a business would shift the long-run aggregate supply curve to the right

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Time and cost to open a business is another factor affecting supply. When the time and cost is high, it discourages new firms because they do not want to undergo the hassle of submitting many legal documents or may not have enough funds to pay for all the costs. However, when the cost and time taken falls, more firms will be willing and able to enter into the market. Thus, the supply curve shifts right in the long run, increasing quantity supplied.

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